Gold Price Forecast: XAU/USD bulls move in on Federal Reserve pivot sentiment

• Gold price jumps on dovish Federal Reserve tilt.
• The US Dollar drops as markets price in a pivot at the Federal Reserve. 

Gold price shot higher to a fresh bull cycle high on the back of the Federal Reserve’s dovish tilt that markets have priced in, smelling a ‘Fed-pivot’ around the corner, bullish for the Gold price. 

At the time of writing, the Gold price is trading at $1,950 and has rallied from a low of $1,920.58 reaching as high as $1,954.64. The Fed terminal rate has fallen to under 4.9% amid Federal Reserve’s chair Powell’s comments that followed the eighth rate hike in a year. However, the Federal Reserve slowed its pace to a quarter of a point in a nod to an improved inflation outlook, underpinned by Federal Reserve’s chairman, Jerome Powell, when he took questions from the press.