Gold Price Forecast: XAU/USD bears lurking below key countertrendlines – by fx_ross Gold DollarIndex Currencies Commodities
for Europe's largest economy improved despite the energy crisis and high inflation, a survey showed on Monday. The greenback has come under pressure in recent weeks as investors expect a pivot from the Federal Reserve sooner than later. This has been supporting a rise in the Gold price.
In turn, major US indexes fell for the fourth consecutive session as worries the Federal Reserve's policy path will result in a recession persist, with little in the way of catalysts on the horizon. Although the media embargo has been lifted, there are no Fed speakers scheduled this week. All in all, it has been a battle between signs of economic softness which could translate to a dovish pivot from the Federal Reserve vs.
''But,'' they said, ''while the pace of rate hikes was slowed, the FOMCs' dot plot maintained the Fed's hawkish messaging. In this sense, a continued drawdown in net liquidity from quantitative tightening should begin to weigh on asset prices once more, and higher rates for longer should continue to weigh on precious metals prices in the near term,'' the analysts explained.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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