Gold Price Forecast: XAU/USD licks its wounds near $1,840 within falling wedge amid sluggish markets Gold XAUUSD RiskAppetite Commodities Fed
Geopolitical fears fail to weigh on XAU/USD price amid absence of US, Canadian traders.
Gold price grinds higher around the intraday top, reversing the early-day losses, as the US Dollar bulls take a breather amid the US holiday on Monday. In doing so, the yellow metal snaps a three-week downtrend amid the inactive markets heading into the European session. retreats from its intraday high but stays mildly bid near 104.00 following a three-week winning streak.
On the same line is the failure of the latest meeting between US Secretary of State Antony Blinken and China's top diplomat Wang Yi seemed to restore US-China ties. The reason could be linked to a Chinese diplomat’s comments saying that the US must change course and repair the damage done to Sino-US ties by indiscriminate use of force.
The corrective bounce also takes clues from the bullish MACD signals and firmer RSI , not overbought.
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