Gold Price Forecast: XAU/USD pokes monthly resistance above $1,700, Fed’s Powell eyed – by anilpanchal7 Gold XAUUSD Fed ECB Recession
meeting as the energy crisis propels inflation to a record top. The challenge is in the form of the recession but the latest improvement in the data seemed to have favored the bloc’s currency, which in turn weighed on the US dollar and favored the XAU/USD.
Amid these plays, Wall Street closed positive and the yields retreated, which in turn weighed on the gold price. Given the firmer oscillators backing the XAU/USD recovery, the prices are likely to extend the latest run-up towards crossing the immediate hurdle. However, the convergence of the 200-EMA and the 50% Fibonacci retracement level of late July to early August upside, near $1,745, could challenge the metal’s further upside.
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