Gold Price Forecast: XAUUSD key levels to watch, with Fed ahead – Confluence Detector... -Gold price is reversing its recovery from 16-month lows of $1,681, as the US dollar finds renewed safe-haven demand amid the return of risk-off flows. Recession fears are back in play, in the face of a more hawkish ECB rate hike and weak US jobless claims and Philly Fed Manufacturing Index. The ongoing weakness in the US Treasury yields could cushion the retreat in the yellow metal but the next path for XAUUSD remains at the mercy of the incoming euro area and US data. Investors also turn cautious heading into the weekly closing, with all eyes now turning towards next Wednesday’s 75 bps Fed rate hike announcement. Hawkish Fed expectations and looming recession risks could likely keep any upside in the commodity limited.
-Gold Price: Key levels to watch
The Technical Confluence Detector shows that the Gold price is struggling to extend its recovery above the powerful hurdle around $1,718, which is the convergence of the Fibonacci 38.2% one-week, SMA10 one-hour and the previous high four-hour.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.