Gold Price News and Forecast: XAU/USD bounces at critical support, bulls eye $1,803

Gold Price News and Forecast: XAU/USD bounces at critical support, bulls eye $1,803

Gold Price Analysis: XAU/USD vulnerable following bullish FOMC minutes

Gold is currently trading at $1,772.67 and down some 1.2% at the time of writing following the release of the Federal Open market Committee’s Minutes of the January 26-27 FOMC meeting. The price of gold has continued to deteriorate in the wake of renewed US dollar strength and higher US yields at the same time US data continues to improve.

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Gold Price Analysis: XAU/USD bounces at critical support, bulls eye $1,803 – Confluence Detector

Gold has suffered a fresh blow from US Retail Sales – Americans expanded their expenditure by no less than 5.3% in January, far above expectations. The robust data has triggered yet another sell-off in bonds, sending yields to above 1.3%. Contrary to Treasuries, the precious metal does not provide any returns and is thus less attractive.

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Credit: FX Street

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