Gold Price Forecast: XAU/USD May Rise Post RBNZ as Fedspeak Remains Dovish
2021-05-26 05:30:00
Daniel Dubrovsky,
Strategist
Gold, XAU/USD, Treasuries, Fed, Consumer Confidence, RBNZ, Technical Analysis - Talking Points:
Gold prices extended April’s bounce as Treasury yields declined
RBNZ seems to be fueling USD weakness, pushing XAU/USD up
Gold may rise towards the 61.8% Fibonacci retracement level
Anti-fiat gold prices charged higher over the past 24 hours, capitalizing on a combination of falling longer-term Treasury rates, a weaker US Dollar and a drop in Bitcoin. There has been rising interest in the yellow metal’s increasingly inverse relationship with the latter. But, it seems that the focus for XAU/USD on Tuesday was predominantly on US economic data and Fedspeak.