Gold Price Forecast: XAU/USD awaits Federal Reserve Minutes inside falling wedge Gold XAUUSD SEO Fed Commodities
snapped a two-day downtrend to regain 104.00 on Tuesday, grinding higher around 104.20 by the press time.Apart from the Federal Reserve-inflicted losses, the Gold price also bears the burden of the escalation of geopolitical tension surrounding China and Russia. The reason could be linked to comments from US Secretary of State Antony Blinken, who said the United States suspects China is considering providing military support to Russia.
It should be noted that the geopolitical fears joined the weaker-than-expected earnings forecasts from the major US retailers, namely Walmart and Home Depot, to highlight the risk-off mood and weighed on the Wall Street benchmark. The same favored the rush towards risk safety and propelled US Dollar while also weighing on the Gold price.
Meanwhile, XAU/USD pullback should aim for January’s low near $1,825 before testing the latest bottom surrounding $1,818.
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