Gold Price Forecast: XAU/USD suffers from clinging above $1800 amidst risk-aversion By christianborjon Gold XAUUSD Commodities Metals Macroeconomics
said that “What we need to see is inflation coming down in a clear and convincing way, and we’re going to keep pushing until we see that. If that involves moving past broadly understood levels of ‘neutral,’ we won’t hesitate at all to do that.”
Meanwhile, financial analysts chatter has expressed that the Fed will struggle to achieve a soft economic landing, meaning that could cause a recession if needed to bring inflation down. This environment could be positive for gold, but gold bulls have been unable to challenge the 200-DMA at around $1837, much less the $1890 level, which needed to be reclaimed if they aim to lift prices above $1900.
Analysts at TD Securities wrote in a note that “With downside momentum firming among the precious metals complex, and broad macro liquidations also weighing,ETF holdings have fallen for a ninth straight dayMacroeconomic-wise, the US docket featured Building Permits and additional housing data, which came mixed. Building Permits rose to 1.819 million, higher than the 1.812 million foreseen, but Housing Starts increased by 1.724 million, lower than the 1.
With that said, XAU/USD’s first support would be $1800. A breach of the latter would put the YTD lows at $1780.18 in play, a level needed to be broken by bears if they aim to push prices towards $1700. Once XAU/USD bears reclaim $1780.18, the last line of defense would be December 15, 2021 swing low at $1752.35, followed by $1700.
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