Gold Price Forecast: XAU/USD edges lower past $1,955 hurdle on firmer US Dollar – Confluence Detecto

• Gold Price stays bearish for the second consecutive day amid sour sentiment, upbeat US Dollar.

• US Dollar ignores mixed Fed talks while preparing for Thursday’s US inflation and weigh on XAU/USD price.

• China inflicted pessimism, cautious mood ahead of top-tier data/events also weigh on the Gold Price.

• Sustained trading below $1,955 resistance confluence favors XAU/USD bears. CLICK HERE FOR FREE FX & GOLD SIGNALS

Gold Price (XAU/USD) remains depressed for the second consecutive day as markets turn slightly downbeat ahead of this week’s top-tier data/events. Also exerting downside pressure on XAU/USD could be the fears emanating from China, one of the biggest Gold customers. In doing so, the bright metal also bears the burden of the upbeat US Dollar.

That said, the US Dollar Index (DXY) manages to defend the week-start rebound above 102.00, close to 102.30 by the press time, even as the Federal Reserve (Fed) officials struggle to convince hawks. On Monday, Fed Governor Michelle Bowman and New York Fed President John C. Williams flashed mixed signals as the former cited the need for more interest rate hikes while Fed’s William showed indecision about the inflation conditions and prod the hawks.