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Gold Price Prediction: XAU / USD is poised for action after moving sideways around $1,820 ahead of the US PMI

Alina Haynes

Feb 28, 2023 11:32

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In the Asian session, the Gold price (XAU / USD) is exhibiting a sideways auction below $1,820.00. The precious metal is anticipated to recover as investors transfer their attention to the United States ISM Manufacturing PMI (Feb), which is scheduled for release on Wednesday.

 

Investors should be aware that the US Manufacturing PMI has contracted for three consecutive months. The term "ecosystem" refers to a group of people who work in the construction industry. The US Manufacturing PMI is anticipated to be 48.0, down from the previous release of 47.4.

 

S&P500 futures have added to Monday's recovery in the Asian session, reflecting an improvement in market participants' risk appetite. The volatility of the US Dollar Index (DXY) is anticipated to decrease until the publication of the US ISM Manufacturing PMI data. The 10-year US Treasury yields fluctuate around 3.92 percent.

 

In the meantime, the resiliency observed in consumer expenditure (Feb) in the United States has compelled the street to increase their projections for future interest rates. Considering the resilience of demand-driven inflation, a note from Bank of America (BofA) suggests Fed chair Jerome Powell announce three additional rate increases this year. According to the BofA, the terminal rate will exceed 6%, and recession is more likely than a gentle landing.


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