Gold Price Forecast: XAU/USD eyes further upside ahead of China, United States inflation Gold XAUUSD SEO Inflation Commodities
highest levels since May 2022. In doing so, the yellow metal portrays the market’s confidence in the traditional safe-haven even if the US Dollar rebounds from a multi-day low. The reason could be linked to the uncertainty surrounding the next moves of the US Federal Reserve and downbeat economic forecasts from the World Bank , not to forget cautious optimism surrounding China.
That said, the WB stated that it expects the global economy to grow by 1.7% in 2023, down sharply from 3% in June's That said, firmer prints of these inflation numbers should challenge the Gold buyers while backing hopes of higher The above 50 level of the Relative Strength Index line, placed at 14, as well as the looming bull cross on the Moving Average Convergence and Divergence indicator, also tease XAU/USD buyers despite recent inaction.
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