Gold Price Forecast: XAU/USD bulls cheer $1,965 breakout ahead of US GDP, ECB – Confluence Detector – by anilpanchal7 Gold XAUUSD Confluences Fed GDP
In doing so, the XAU/USD fails to justify the Fed’s 0.25% interest rate hike, as well as readiness for an interest rate increase in September, amid fears of a sooner end to the tightening spell. Additionally favoring the Gold price could be the recent improvement in China's industrial profits and cautious optimism in the equity markets, mainly due to the upbeat earnings of global tech giants like Meta and Alphabet.
Above all, the easing fears of higher rates can keep the Gold buyers hopeful but a clear upside break of the $1,985 resistance confluence becomes necessary to stretch the bull’s dominance.Gold Price: Key levels to watch That said, the previous monthly high of around $1,985 prods immediate upside of the XAU/USD ahead of the $1,988 resistance confluence comprising the Pivot Point one-day R2 and previous weekly high.
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