XAU/USD Price Forecast: Gold prices look to Fed speak & ISM services PMI for guidance and whether or not bears can take XAU/USD down towards the $1800/oz mark.
Gold Price Forecast: Having defended the critical 200-Daily Moving Average (DMA) support at $1,785 on Monday, Gold price once again found fresh buyers near that level and staged a solid bunce in early Tuesday.
What does China’s economic slowdown imply for the world’s economy and the gold market? Well, as China dominates global demand for many raw materials, its economic slowdown should take some pressure off commodity prices. On the other hand, the series of lockdowns could prolong the supply-chain issues and, thus, a period of elevated inflation. This could be positive for gold prices, but as long as the Fed remains hawkish and determined to beat inflation, gold will struggle.
Spot Gold Weekly Forecast
Up trend report – Spot gold (Yellow Metal) An up trend will start soon, as the bullion market rises above hurdle key $1697, which will be followed by moving up to hurdle key 1752.
MCX Gold Silver Prices Slip: The safe-haven metals are being hit hard by a higher U.S. dollar index and rising U.S. Treasury yields. Traders are looking ahead to key U.S. inflation reports on Thursday. Yesterday the psychological level of $1700 has been breached and is once again testing the levels of $1650-1640.
Gold Price Forecast: Gold price is trading on the back foot but holding above the $1,700 mark on the final trading day of the week. Despite a three-day downtrend, the bright metal is on track for the largest weekly gain since March, up 3% so far this week.
Spot Gold Weekly Forecast: The turmoil in global bond markets caused by the UK gilt sell-off at the beginning of the week weighed on the low-yielding gold. With the benchmark 10-year US Treasury bond yield rising toward 4% on Monday, gold (XAU/USD) turned south and registered its lowest daily close since March 2020 at $1,622.
Gold (XAU/USD) Weekly Forecast:
Gold Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level $1670, which will be followed by moving up to resistance key level 1700.