- Gold price is marching toward $1,980.00 as fears of a US banking crisis renewed.
- The USD Index has been battered as Fed has come extremely close to the terminal rate.
- US bonds have been resilient as the US government is not considering insuring all uninsured bank deposits.
Gold price (XAU/USD) is gathering strength to capture the immediate resistance of $1,980.00 in the Asian session. The precious metal has found demand as the US Dollar Index (DXY) has resumed its downside journey and fears of a US banking crisis have refreshed.
The USD Index is looking to refresh its six-month low below 102.00 as the Federal Reserve (Fed) has come extremely close to the terminal rate, which would be restrictive enough to bring down the United States inflation to 2%. Fed chair Jerome Powell in his commentary stated, “some additional policy firming may be appropriate”.
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