#XAUUSD @ 1654.69 Gold Price Forecast: could rebound benefiting from sluggish yields
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Gold ended up snapping a two-week winning streak, losing over 2% on a weekly basis. Chinese growth data and action in the US bond market will be watched closely this week, FXStreet’s Eren Sengezer reports.
“The Chinese economy is forecast to expand at an annualized rate of 3.4% in the third quarter following the dismal 0.2% growth recorded in the second quarter. In case the GDP data comes in below the market expectation, gold could have a hard time finding demand and vice versa.”
“Wednesday may be important as September Housing Starts will be featured in the US economic docket. A significant decline in this data could cause the dollar to lose strength, helping gold higher. September Existing Home Sales on Thursday could also have a similar impact on the greenback’s market valuation.”
“Since markets are already fully pricing in another 75 bps Fed rate hike in November, US yields might not have a lot of room on the upside. Hence, XAU/USD could see that as an opportunity to make a technical rebound/correction.”
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