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Gold Price Prediction: XAU/USD fluctuates within the $30 level as FOMC Minutes approach

Daniel Rogers

Feb 22, 2023 15:16

Gold price (XAU/USD) tests a two-day downturn as it floats around $1,835 at the start of Wednesday. As traders anticipate the Federal Open Market Committee's (FOMC) Monetary Policy Meeting Minutes, the precious metal maintains its trading range of approximately $30.00 from the previous week. Notably, geopolitical concerns and the US Dollar's weak movements around the multi-day peak appear to act as filters for XAU/USD traders.

 

In spite of this, stronger preliminary US S&P Global PMIs for February and hawkish Fed bets supported the US Dollar Index's first daily gain in three days, with the index closing down 0.07% intraday near 104.11 at the latest.

 

However, the weak movements of US Treasury bond yields near the three-month high reached the day before appear to have stifled the XAU/momentum USD's of late.

 

The hawkish bias around the US Federal Reserve (Fed) and rumors of an impending policy flip may also test Gold traders.

 

In addition, comments by US Secretary of State Antony Blinken and Russian President Vladimir Putin have an impact on market mood and the price of gold, as both imply an escalation of tensions between Moscow and Kyiv, in which the West and China have recently played an indirect role. But, the absence of substantial updates in Asia appeared to have halted the risk-averse sentiment.

 

US 10-year and 2-year Treasury note rates oscillate around the three-month highs established the previous day, while S&P 500 Futures post modest gains despite Wall Street's negative closing price.

 

In the near future, conflicting sentiment and caution ahead of the FOMC Minutes could maintain XAU/USD on a precarious floor, but the hints for a Fed policy reversal will be sufficient to recall Gold purchasers.


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