Gold Price Forecast: XAU/USD bulls taking on critical equal highs ahead of US CPI Gold SEO DollarIndex Commodities CPI
However, the DXY index is trading back around 103.25 and is now flat on the day in the middle of the 103.03/49 range. The US Dollar has been recovering from a seven-month low of 102.9 in the prior session as hawkish remarks from Fed policymakers On Monday, San Francisco Fed president Mary Daly noted that she expects interest rates to rise beyond 5% in 2023.
Nevertheless, the following technical analysis of the Gold price arrives at a bearish conclusion, at least for the near term. As it stands, the current Fibonacci scale drawn on the recent bullish Gold price rally puts the 38.2% ratio in line with prior resistance that would be assumed to act as support for a reversal in the Gold price. , the bears will need to break whatever bullish structure there are that ultimately guards the target area some $23/oz below towards $1,850.
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