Gold Price Forecast: XAU/USD retreats towards $1,807 support with eyes on central bankers By anilpanchal7 Gold RiskAppetite Recession CentralBanks Commodities
sours amid recession fears, as well as downbeat data and chatters surrounding more hardships for Russia and China.
Furthermore, the comments from a German Official suggesting the Group of Seven leaders’ preparedness for taking moves again Russia's oil and gold seem to recently weigh on the WTI. “Leaders of the Group of Seven rich democracies are having "very constructive" discussions on a possible cap on Russian oil imports, a German government official said on Saturday shortly before the start of the annual three-day G7 summit,” said Reuters.
Looking forward, the US Durable Goods Orders for May, expected 0.1% versus 0.5% prior, as well as the Pending Home Sales, expected -2.0% versus -3.9% prior, will be important for daily directions. However, Wednesday’s debate of the US and the UK and the European central bankers at theGold maintains its downward trajectory by recently reversing from a 10-week-old resistance line, at $1,840 by the press time.
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