Gold Price Forecast: XAU/USD slides on hawkish Federal Reserve Minutes, United States data eyed Gold SEO XAUUSD RiskAppetite Fed
Elsewhere, geopolitical fears surrounding China and Russia escalated and favored the rush towards the risk-safety, which in turn propelled the US Dollar and weighed on the XAU/USD. The reason could be linked to the comments from China's top diplomat Wang Yi who met Russian President Vladimir Putin and said that they are ready to deepen strategic cooperation with Russia on Wednesday, as reported by Reuters.
The downside bias also takes clues from the Moving Average Convergence and Divergence indicator’s bearish signals, which in turn suggests the downside break of the immediate 100-day EMA support of $1,820. In a case where the Gold price remains weak past $1,812, the $1,800 threshold and the last December’s low of $1,766 will be in focus.
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