Gold Price Forecast: XAU/USD looking to extend the previous upbeat momentum

Gold price is extending previous gains amid weak US Dollar, US Treasury bond yields. XAU/USD could gather bullish momentum ahead of Federal Reserve minutes and critical economic data from the United States, FXStreet’s Dhwani Mehta reports.

United States data, Federal Reserve minutes hold the key

“The United States Durable Goods Orders for October are foreseen at 0.4% while the S&P Global Preliminary Manufacturing and Services PMis are seen heading into contraction for November. Softer economic data from the United States could bolster expectations of smaller rate increases in the coming months, with markets now pricing about 75% odds of a 50 basis points (bps) rate hike in December.”

“The Federal Reserve November meeting minutes will be closely scrutinized too for fresh signals on the central bank’s future policy course. Therefore, the Federal Reserve’s Statement of Economic Projections (SEP) alongside the Dot Plot chart will hold the key to determining the peak rate.”