Gold Price Forecast: XAU/USD rebounds from 29-month low above $1,600, falling wedge, US data eyed – by anilpanchal7 Gold XAUUSD RiskAppetite Recession CentralBanks
amid a lack of major data/events. Even so, the market’s fears of recession and aggressive central bank actions keep exerting downside pressure on the metal prices ahead of the short-term key US data.slump to an all-time low, which in turn pushed the Bank of England towards taking emergency measures to defend the British currency from the further free fall. However, the BOE rejected readiness to help the Cable and the same renewed the US dollar’s safe-haven demand.
The sour sentiment pushed market players to demand a premium and pushed the Treasury yields towards the north, which in turn joined the hawkish Fedspeak to propel the US dollar and weigh on the XAU/USD prices. Also portraying the risk-aversion was the downbeat performance of the global, tracked by Wall Street. Also exerting downside pressure on the gold price was the hawkish Fedspeak.
That said, the latest inaction in the market, as traders take a breather after a long day amid a light calendar, is likely to fade over time as the US CB Consumer Confidence for September and Durable Goods Orders for August could entertain the traders.Gold price activates recovery from the 2.5-year low inside a weekly falling wedge bullish chart pattern. The corrective bounce, however, lacks follow-through amid sluggish RSI.
That said, the quote needs to cross the $1,642 hurdle to confirm the falling wedge breakout, which in turn could propel the, at least theoretically, towards the $1,710. That said, the 200-HMA level surrounding $1,665 could act as an extra filter to the north. Alternatively, pullback moves need validation from the latest swing low near $1,620, a break of which could direct gold price towards the $1,600 threshold and then to the 4.5-month-old descending support line, near $1,575 at the latest.
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