Gold Price Forecast: XAU/USD losing bullish momentum, still up

XAU/USD Current price: $2,357.41 US Consumer Confidence unexpectedly surged in May, according to CB. Federal Reserve officials maintained a cautious tone about inflation progress. XAU/USD turned neutral in the near term, needs to conquer the $2,360 threshold. Gold kept recovering on the broad US Dollar's weakness and regardless of the market mood, with XAU/USD trading around $2,360.

On the one hand, Governor Michelle Bownan said she would have supported either waiting to slow the quantitative tightening pace or a more tapered slowing in balance sheet run-off. On the other, Minneapolis Fed's President Neel Kashkari said the US economy has remained remarkably resilient and that he does not see a need to hurry to cut rates.

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