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Gold Price Prediction: XAU/USD declines toward 200-SMA retest as yields support US Dollar recovery

Alina Haynes

Mar 02, 2023 15:52

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During the first day of losses in four prior to the European session, the gold price (XAU/USD) oscillates around the intraday low of $1,831. In doing so, the precious metal validates the stronger US Dollar and risk-averse market sentiment on a slow Thursday.

 

US Dollar Index (DXY) rebounded from a one-week low to 104.60 at the latest, up 0.17 percent intraday, as greenback supporters tracked robust US Treasury bond yields and cheered sour sentiment amid hawkish Federal Reserve (Fed) talks. The increase in US Treasury bond yields reflects the market's apprehension, which has recently pressured Wall Street investors and weighed on S&P 500 Futures. On the same side may be the ardent Minneapolis Federal Reserve (Fed) President Neel Kashkari, as well as the policymakers of the Bank of England (BoE) and the European Central Bank (ECB).

 

Gold purchasers are encouraged by the recent improvement in China's economic data and the country's policymakers' upbeat remarks. China's Minister of Human Resources recently stated, "China's employment will continue to increase this year and remains stable overall." On Wednesday, China's Finance Minister Liu He expressed a willingness to increase the country's fiscal expenditure while noting that the foundation of China's economic recovery remains fragile.

 

Moving on, G20 updates could be combined with central banker comments and US secondary data to amuse XAU/USD traders.


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