Gold Price Forecast: XAU/USD consolidates ahead of central banks’ decisions

📆 3/18/2024 5:02 PM
📰 FXStreetNews

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Gold price started the day with a soft tone, falling to $2,163.58 during Asian trading hours, although grinding higher.

XAU/USD Current price: $2,158.41 Market players are on hold ahead of multiple central banks’ monetary policy decisions. The Reserve Bank of Australia and the Bank of Japan will open the calendar early on Tuesday. XAU/USD trades neutral in the near term, bounced from a Fibonacci support. XAU/USD trades around $2,158.00 in the American session, barely up on a daily basis.

Meanwhile, government bond yields tick higher, limiting the US Dollar’s slide. The 10-year Treasury note currently offers 4.33%, up 3 basis points in the day and at fresh March highs. XAU/USD short-term technical outlook The daily chart shows XAU/USD met buyers around the 23.6% Fibonacci retracement of the bullish run, which measured between $1,984.03 and $2,195.22 at $2,145.17.

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