US Dollar steadies as US debt ceiling optimism wanes, Gold price bounces<\/strong><\/p>\nThe US Dollar is preserving a part of the previous day\u2019s gains, although on the defensive so far this Thursday. The pullback in the US Treasury yields across the curve is capping the US Dollar upside, which is somewhat helping Gold price stay afloat. Despite the gains in the Asian indices, investors remain cautious, reflective of a minor drop in the US S&P 500 futures. Markets continue to weigh the prospects of a United States default even though the recent progress on the US debt ceiling talks.<\/p>\n
Citing a draft letter written by senators to US President Joe Biden, CNBC News reported early Thursday, \u201cwe write to urgently request that you prepare to exercise your authority under the 14th Amendment of the Constitution, which clearly states: ‘the validity of the public debt of the United States…shall not be questioned.'”<\/p>\n
“Using this authority would allow the United States to continue to pay its bills on-time, without delay, preventing a global economic catastrophe,\u201d the letter appealed to Biden.<\/p>\n
On Wednesday, risk sentiment improved and limited the US Dollar\u2019s upbeat momentum after President Biden expressed confidence there\u2019ll be no US default, while a rally in regional banks stocks also lifted the overall mood. Western Alliance Bancorp led the regional banks’ rally a day after the lender said its deposits grew by more than $2 billion in the quarter that ended May 12. In response to the encouraging news, the benchmark 10-year Treasury yields jumped three basis points to 3.57% in American trading on Wednesday, exerting bearish pressure on the non-yielding Gold price.<\/p>\n
Focus on United States debt ceiling updates amid mid-tier US data
\n<\/strong>Expectations surrounding the US Federal Reserve (Fed) interest rates outlook are playing second fiddle lately, as the market\u2019s attention remains on the US debt ceiling developments. The same will likely continue driving the overall risk sentiment, affecting the US Dollar valuations and the Gold price action.<\/p>\nTraders will also pay attention to the mid-tier United States weekly Jobless Claims and Existing Home Sales data alongside a slew of Fed officials\u2019 speeches.<\/p>\n
Gold price incurred additional losses on Wednesday and tested the bullish 50-Daily Moving Average (DMA) support, then at $1,982. Gold price, however, managed to close above the latter, motivating buyers early Thursday to stage a comeback.<\/p>\n
The 14-day Relative Strength Index (RSI) has snapped its downward direction and turned flattish, suggesting a Gold price rebound could be in the offing.<\/p>\n
In that case, Gold bulls could challenge Wednesday\u2019s high at $1,993 to reclaim the strong hurdle at $2,005, where the flat 21 DMA and the descending trendline resistance coincide.<\/p>\n
Acceptance above the latter will initiate a meaningful recovery for Gold price, with an upswing toward the $2,020 static resistance on the cards.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold Price Forecast: XAU\/USD could rebound to $2,005 if 50 DMA support holds Gold price is replicating the moves seen in Wednesday\u2019s Asian trading, making headways for a minor recovery toward $2,000 early Thursday. The retreat in the United States Dollar (USD) and the US Treasury bond yields supports Gold price. US Dollar steadies as<\/p>\n... continue reading<\/a>.","protected":false},"author":3,"featured_media":19844,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[20,265,19,407,157,22,295,355,201],"yoast_head":"\r\nGold Price Forecast: XAU\/USD could rebound | Xtreamforex<\/title>\r\n<meta name=\"description\" content=\"Gold price is replicating the moves seen in Wednesday\u2019s Asian trading, making headways for a minor recovery toward $2,000 early Thursday.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/gold-price-forecast-xau-usd-could-rebound-to-2005-if-50-dma-support-holds\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Gold Price Forecast: XAU\/USD could rebound | Xtreamforex\" \/>\r\n<meta property=\"og:description\" content=\"Gold price is replicating the moves 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