Gold Price Forecast: XAU/USD is looking to find its feet, but bullish potential is limited

Gold price is finding its feet after Tuesday’s drop, although $1790 remains a troublesome nut to crack for the bulls. US Markit PMIs are awaited for fresh cues, FXStreet’s Dhwani Mehta briefs.

See – Gold Price Forecast: XAU/USD to show bearish once below uptrend at $1729 – Commerzbank

XAU/USD’s bullish potential appears limited despite dovish Powell
“The US dollar’s rebound appears to be capping the upside attempts in gold price while the recent weakness within the Treasury yields and a cautious risk tone underpins.”

“Gold benefits from Fed Chair Powell’s weaker rhetoric on its monetary policy and rising covid case within the Asian regions. Looking ahead, the Eurozone and therefore the US preliminary Manufacturing and Services PMI reports are going to be closely eyed for fresh hints on the pace of the worldwide economic recovery. Meanwhile, the US stimulus updates and therefore the refore the dynamics within the yields and the dollar will still remain the most driver of gold prices.”

 

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