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The price of gold dipped to three-week lows during the past week as the dollar gained traction amid heightened expectations forex gold price prediction more-aggressive Fed tightening.
Trends in bond yields, the dollar and risk appetite are likely to dominate during the week ahead, with increased volatility likely to be a key market feature. ISM Non-Manufacturing Index is due for release on Monday, with expectations of a notably robust reading given the manufacturing data that recorded the strongest headline reading since May The most important data release will be Friday's employment report, especially given the ongoing debate surrounding forex gold price prediction trends.
The stronger-than-expected earnings data last month were a crucial forex gold price prediction in triggering increased inflation concerns, and this month's data will inevitably be watched extremely closely on Wall Street.
Another strong reading would intensify inflation concerns and reinforce expectations that the Federal Reserve will need to tighten monetary policy more aggressively by sanctioning four rate hikes this year. In this environment, the dollar would be likely to gain fresh support, which would tend to put downward pressure on gold prices.
In contrast, a subdued release for average earnings would be important in dampening inflation concerns, with gold boosted by a weaker dollar and dip in U. Markets have fully priced in a Federal Reserve rate hike at the March meeting, and there has been a shift in futures markets to indicate a greater potential for four rate hikes during In this environment, there is only limited scope for dollar gains on a further shift in U. In this context, policy decisions forex gold price prediction market commentary from the other two G3 central banks will also be important for both currency markets and gold.
There is, however, the potential for a shift in forward guidance with the removal of an easing bias. A relatively hawkish conclusion trading binary options strategies and tactics would tend to strengthen the euro, although any support for gold would be offset by the potential forex gold price prediction higher bond yields.
The Bank of Japan will announce its policy decision on Friday, again with no change in policy expected. Dovish commentary from Governor Haruhiko Kuroda would tend to support the dollar and nudge gold lower. Further sharp losses in equity forex gold price prediction and a general deterioration in risk conditions would trigger fresh defensive support for gold.
Trade developments will be an important forex gold price prediction during the week after President Trump's announcement of tariffs on U. A sustained increase in global trade tensions would increase the risk of selling forex gold price prediction in global equity markets, which would also tend to increase potential gold support. Further upward pressure on LIBOR rates would also tend to undermine risk conditions and increase the potential for defensive gold support.
Manufacturing Data Due The U. Central Bank Decisions In this context, policy decisions and market commentary from the other two G3 central banks will also be important for both currency markets and gold.