Gold Price Analysis: XAU/USD remains capped under $1950, traders assess Russo-Ukraine talks, Fed developments By Frank_Macro XAUUSD Gold Fed
spot gold prices are struggling to build on Thursday’s gains. Indeed, the $1950 mark continues to act as a ceiling for XAU/USD which, at current levels near $1940, trades with modest on the day losses of around 0.1%. As traders continue to assess the state of Russia/Ukraine peace negotiations , attention now turns to a call between the US and Chinese Presidents. US President Joe Biden will reportedly use as an opportunity to urge China President Xi Jinping not to offer military aid to Russia.
Though gold prices did find solid support in the $1900 around the middle of the week, prices remain on course for their worst week in nearly four months. At current levels, spot prices are down just under 2.5% on the week, with traders citing this week’s surprisingly hawkish Fed policy announcement as adding to reluctance on Friday to add to longs at or above $1950.
They have been ahead of the curve regarding Fed policy over the last year and there is a risk that if they can persuade the rest of the central bank’s policymakers to turn even more hawkish, rates could be moving up by more than the 150bps currently expected this year. That could be a headwind for gold. In the more immediate future, geopolitics remains the key factor to monitor amid hopes for Russo-Ukraine peace.
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