Gold Price Forecast XAU/USD meanders around $1730s on risk-on and weak USD – by christianborjon Gold XAUUSD Metals Macroeconomics Technical Analysis
d) officials continued to express the US central bank needs to tighten monetary conditions. Also, sentiment remains fragile due to Covid-19 cases in China. At the time of writing, the XAU/USD is trading at $1737.49, unchanged.Sentiment improved throughout the day. Federal Reserve policymakers grabbed investors’ attention as the US central bank prepared to slow down borrowing costs.
In the meantime, Covid-19 cases in China peaked at around 28K on Monday, the most significant increase since April 2022. Beijing increased restrictions, and arrivals had to take three PCR tests within the first three days. Some schools switched to online learning, while some districts in Beijing asked citizens to stay at home for at least five days., which tracks the greenback value against six currencies, slashes 0.50% down to 107.200.
All that said, Gold trader’s focus turns to further Fed speaking, with Esther George and James Bullard crossing news wires, ahead of the release of the Federal Reserve Open Market Committee last meeting minutes.portrays the yellow metal as neutral-biased. Even though the Gold Price sits above the 50 and 100-day Exponential Moving Averages , four days of consecutive losses and failure to crack the 200-day EMA at $1801 exacerbated a fall toward current prices.
Upwards, the XAU/USD key resistance levels are $1750, followed by the November high of $1786.53 and $1800. On the flip side, the
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