Gold price holds to gains as investors price in rate cuts by the Fed in May.
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- Gold price holds to gains as investors price in rate cuts by the Fed in May.
- The US Dollar has come under pressure ahead of the US NFP data.
- Fed officials need more evidence that inflation is declining towards 2%.
Gold price (XAU/USD) aims for a strong weekly gain as investors choose the early rate-cut narrative in the US, shrugging off recent doubts over its timing. In the monetary policy statement, the Federal Reserve (Fed) didn’t explicitly refer to upcoming rate cuts amid the absence of enough evidence that underlying inflation will sustainably return to the 2% target. However, policymakers already signaled in the bank’s latest Summary of Economic Projections (SEP) that interest rates will be reduced by 75 basis points (bps) in 2024.
Gold price could experience volatility ahead as the United States Bureau of Labor Statistics (BLS) will report the Nonfarm Payrolls (NFP) data for January, which will be published at 13:30 GMT. Investors anticipate that labor demand moderated and wage growth slowed as the Fed has maintained interest rates at restricted levels for long.
Gold price consolidates in a tight range above $2,050 as investors await the US NFP data for fresh guidance. The precious metal struggles to continue its four-day winning streak. The near-term appeal for the yellow metal is upbeat as it has delivered a breakout of the Symmetrical Triangle chart pattern formed on a daily timeframe. Gold price has also printed a higher high near $2,065, which indicates that the overall trend has turned bullish.
The 20-day Exponential Moving Average (EMA) near $2,035 continues to support the bulls. The 14-period Relative Strength Index (RSI) aims to break above the 60.00 hurdle. A bullish momentum would activate if the oscillator manages to do so.
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