Gold Price Forecast: XAU/USD recoups losses amid hawkish Fed rhetoric, eyeing $1980 resistance

Share:

• Gold climbs 1.12%, trading at $1979.90, as the US Dollar’s strength subsides, investors eyeing the $1980 resistance level.
• Remarks from Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen shook the market, resulting in a significant uptick in XAU/USD.
• XAU/USD is still on track for a 1.90% weekly loss after robust US Retail Sales, Industrial Production, and falling unemployment claim hint at possible Fed action.

Gold price climbed more than 1% on Friday, trimming some losses sustained during the week as the Fed’s hawkish rhetoric bolstered the greenback, which posted gains of 0.37%, per the US Dollar Index (DXY). At the time of writing, XAU/USD is trading at $1979.90, up daily 1.12%.