Gold Price Forecast: XAU/USD hovers around $1,850 as investors await fresh clues

XAU/USD Current price: $1,849.99 An escalating conflict between Israel and Palestinian Hamas spurred risk aversion. United States inflation and Federal Reserve meeting minutes stand out this week. XAU/USD consolidates gains around $1,850 could extend the rally in the near term. tensions in the Middle East. Israeli Prime Minister Benjamin Netanyahu declared the country was at war on Sunday, following a massive attack from the Palestinian Hamas group on Saturday.

The Federal Open Market Committee will release the Minutes of the September Federal Reserve meeting on Wednesday, while the country will publish the September Consumer Price Index . Inflation is seen up by 0.3% MoM and 3.6% YoY, while the core annual CPI is expected at 4.1%, easing from the previous 4.3%. XAU/USD short-term technical outlook XAU/USD daily chart shows that it hovers around $1,850 a troy ounce after closing on Friday at $1,831.90.

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