XAUUSD SIGNAL 07/02/2023/:Gold Price Forecast: XAU/USD pokes $1,880 hurdle as US Dollar retreats ahead of Fed Chair Powell’s speech

XUUSD SIGNAL

Gold Price Forecast: XAU/USD pokes $1,880 hurdle as US Dollar retreats ahead of Fed Chair Powell’s speech

• Gold price clings to mild gains while extending the week-start rebound from one-month low.
• US Dollar bears the burden of market’s cautious optimism to propel XAU/USD rebound.
• Fed Chair Powell needs to praise recently strong US data to challenge Gold buyers.
• US President Biden’s SOTU, Sino-American headlines also eyed for immediate directions.

XAUUSD SIGNAL Gold price (XAU/USD) picks up bids to refresh intraday high near $1,876 while printing a two-day uptrend during early Tuesday.

In doing so, the bright metal extends the week-start rebound from a monthly low as the US Dollar weakness joins cautious optimism in the market to favor the XAU/USD bulls. However, anxiety ahead of the Federal Reserve Chairman Jerome Powell and US President Joe Biden’s State of the Union (SOTU) comments seem to challenge the metal buyers of late.

The mildly positive sentiment could be linked to the comments from US Treasury Secretary Janet Yellen and President Joe Biden which pushed back the US recession concerns. On the same line were the comments from US President Joe Bide which appear to placate the Sino-American fears by saying, “The balloon incident does not weaken US-China relations.”