Gold Price Forecast: Unattractive $XAUUSD holds above $1,900 Read More!▶️ Commodities Forex
trades within limited ranges against most of its major rivals in a quiet start to the week, and as market players await fresh clues from central banks and inflation updates.
Investors adopted a more cautious stance as major central banks continue fighting inflation with rate hikes at the time most were believed to be already on pause and preparing to move in the opposite direction. Central bankers are gathered in Portugal, attending the European Central Bank Forum on Central Banking, and ECB’s President Christine Lagarde will deliver the opening remarks during the American afternoon.
Meanwhile, Europe and the US are set to unveil inflation updates in the upcoming days, which could fuel speculation on what central banks may do next and how such actions could affect global economic progress. Near term, the risk sentiment is off, as most global indexes trade in the red while demand for government bonds keeps yields subdued. However, the absence of first-tier figures and the upcoming releases limit markets’ movements.The daily chart for XAU/USD offers a neutral-to-bearish perspective. The pair develops below its 20 and 100 Simple Moving Averages , which lack directional strength.
In the near term, and according to the 4-hour chart, XAU/USD is also neutral, with the risk skewing to the downside. The pair is currently stuck around a bearish 20 SMA, which develops below also bearish 100 and 200 SMAs. Finally, technicalSupport levels: 1,912.50 1,903.80 1,988.10
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