#XAUUSD @ 1746.63 -imp levels: Gold Price Forecast: to fall if a 75 bps rate hike by the Fed is considered more likely – Commerzbank
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Gold witnesses some selling on Friday and snaps a three-day winning streak. All eyes are at Jackson Hole Symposium, as if markets believe that a 75 basis points rate hike next month is likely, XAU/USD would slump, economists at Commerzbank report.
“Though the gold price has recovered somewhat of late, there is no sign of any prolonged upswing. This is being thwarted by persistent ETF outflows, a still firm US dollar and the Fed rate hike expectations.”
“The short-term performance of the gold price will probably depend on the remarks made at the Fed symposium that is currently underway in Jackson Hole. If a 75 bps rate hike by the Fed next month is considered more likely, a renewed price fall would be on the cards.”
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