Gold Price Forecast: XAU/USD holds $1,970 amid three-week uptrend, central banks eyed – Confluence Detector – by anilpanchal7 Gold XAUUSD Confluences CentralBanks Fed
ntral bank announcements from the US, Europe and Japan. Apart from the pre-announcement anxiety, a lightand mixed catalysts, as well as the market’s consolidation of the recent moves, also prod the XAU/USD traders.
It’s worth noting that apart from the US employment clues, the majority of the US statistics haven’t been impressive to support the Fed in announcing more rate hikes past July in the next week, which in turn pushed back the market bears and keep the Gold buyers hopeful. However, it all depends upon how well the US central bank can defend the hawkish bias and the US Dollar.
In a case where the Gold Price successfully crosses the $1,970 hurdle, the previous monthly high of around $1,985 will gain the buyer’s attention. On the flip side, a convergence of the previous daily low and weekly high, as well as the middle band of the Bollinger on the hourly chart, restricts the immediate downside of the Gold Price near $1,965.
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