Gold Price Forecast: XAU/USD looks set to prod $1,945 hurdle on softer US Dollar

Share:

• Gold Price remains sidelined after refreshing one-week high, approaching short-term key resistance after three-day uptrend.
• XAU/USD bulls benefit from softer US Dollar as downbeat United States data fails to back hawkish Federal Reserve bias.
• Mixed concerns about China, pullback in US Treasury bond yields also underpin the Gold Price upside.
• US Holiday may restrict XAU/USD moves but bullish move towards $1,945 resistance confluence appears intact.

Gold Price (XAU/USD) remains sidelined around $1,921, after rising to the highest level in a week, as markets seek more clues during early Tuesday in Asia after witnessing a softer start to the week. It’s worth noting that the United States Independence Day holiday restricts the market performance but the recently downbeat US data weigh on the greenback and keeps the Gold Price on the bull’s radar. Adding strength to the XAU/USD price could be the hopes of witnessing improvement in the US-China ties and optimism in India, one of the world’s top Gold customers.