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26 Oct 2022

Gold Price Forecast: XAU/USD buyers stay hopeful whilst above $1,644 – Confluence Detector

  • Gold price has faltered on its previous rebound as the US dollar makes a comeback.
  • Cooling aggressive Fed rate hike calls, China concerns and dismal US tech earnings weigh on risk sentiment.
  •  XAU/USD sees range play amid battle lines well-defined ahead of critical US events.

Gold price is treading water in a familiar range around the $1,650 psychological level, lacking a follow-through upside bias amid a modest comeback staged by the US dollar across the board. The risk-off flows have returned to markets, as disappointing earnings from the US tech giants, Microsoft and Google, revived recession fears and revived the dollar’s safe-haven appeal. However, the risk-aversion-driven weakness in the Treasury yields combined with easing aggressive Fed rate hike expectations keep the downside cushioned in the bright metal. Investors also refrain from placing big bets on the bullion ahead of the critical event risks, including the ECB rate hike decision and the US advance Q3 GDP, scheduled later this week. The US corporate earnings reports and China’s covid updates will be closely followed for any impact on the risk sentiment, which will be pivotal for fresh dollar and gold valuations.

Also read: Markets steady as investors eye earnings and ECB

Gold Price: Key levels to watch

developing story ...

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