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Gold Price Prediction: XAU/USD Expects a Steady Advance to $1,980 – Confluence Detector

Alina Haynes

Feb 02, 2023 15:58

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In the early hours of Thursday, the gold price (XAU/USD) reached $1,952.50, which is the highest level since April 2022. In doing so, the XAU/USD bulls appear to take a breather after climbing the highest in two weeks, as markets prepare for a couple more central banks and the U.S. employment report.

 

Nonetheless, the Gold price rose sharply the day before after the US Federal Reserve (Fed) weakened the US Dollar with its highly anticipated and anticipated dovish raise of 0.25 percent. However, the most attention was paid to the Fed's statement indicating waning inflationary pressure and Chairman Jerome Powell's suggestions of rate reduction in late 2023 if inflation falls more quickly. Additionally supporting the XAU/USD bulls were disappointing US data and anticipation for additional stimulus from China, not to mention rising equities and declining US Treasury bond yields.

 

In addition, monetary policy meetings of the European Central Bank (ECB) and the Bank of England (BoE) could indirectly influence the price of gold via the US dollar and market sentiment. However, the January jobs report for the United States will be an important indicator on Friday.

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