Gold Price Forecast: XAU/USD retreats towards $1,775 amid hawkish central banks, recession woes – by anilpanchal7 Gold XAUUSD Recession CentralBanks SEO
and the Swiss National Bank , all of them played hawkish moves the last week and challenged Gold buyers. Following that, policymakers from some of the central banks crossed wires to renew the chatters surrounding higher rates and weighed on the XAU/USD prices. Notable among them were ECB Vice-President Luis de Guindos and New YorkRecently, the Reserve Bank of Australia's latest Monetary Policy Meeting Minutes conveyed hawkish bias among policymakers.
It should be noted that the higher rates and strong inflation lead traders towards less risky assets like the US Dollar while cutting off from the Gold price.Given the market’s rush towards risk safety and higher interest rates from the Federal Reserve , the United States Treasury bond yields remain firmer for the third consecutive day and underpin the US Dollar’s demand. It should be noted that the benchmark 10-year US bond yields rose 1.5 basis points to 3.
price cap updates, for fresh impulse. That said, the commodity price may witness lackluster moves as traders seem to cheer holiday mood before the time.Gold price fades bounce off the 21-DMA, as well as the 61.8% Fibonacci retracement level of the Gold’s June-September moves, near $1,778-75 by the press time.
It’s worth noting that the bearish divergence between the Gold price and the Relative Strength Index , located at 14, keeps XAU/USD sellers hopeful. That said, the RSI divergence is known as the difference between the price and the RSI. In this case, the higher low on prices joins the lower low on the RSI to tease the Gold bears.
In a case where the Gold price remains weak past $1,775, a downward trajectory toward October’s peak near $1,730 can’t be ruled out.bulls ahead of the six-month-old ascending resistance line, close to $1,815 by the press time.Gold price: Daily chart
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