This article takes a detailed look at gold's prospects, incorporating insights from fundamental and technical analysis, especially following the release of the latest U.S. inflation report.
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In summary, the fundamental outlook for gold and silver appears bearish in the short term. However, the tide may turn in their favor in the coming months, especially for the yellow metal. This could mean a strong advance for XAU/USD in the latter part of the year and heading into 2024. The chance of a more significant rally could increase should unforeseen macroeconomic hurdles appear, leading the Federal Reserve to pivot to a more dovish posture for fear of a hard landing.
Gold made a move toward a technical resistance zone around $1,885 earlier on Thursday, only to face a swift rejection, signaling the enduring grip of sellers on the market. That said, traders should stay attentive to how price action unfolds in the upcoming days for indications of sustained weakness, as this scenario could take XAU/USD towards $1,860. While gold could find support in this area on a pullback, a breakdown could open the door to a retest of the 2023 lows.
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