Gold Price Forecast: XAU/USD hits one-week low, hangs near $1,900 mark on stronger USD – by hareshmenghani Gold Commodities Fed Recession SEO
elling pressure on Tuesday. The XAU/USD continues to lose ground through the first half of the European session and drops to over a one-week low, closer to the $1,900 mark in the last hour.The US Dollar gains traction for the second successive day and climbs to a one-week high, which, in turn, is seen driving flows away from the US Dollar-denominated Gold price.
Investors remain sceptic about a strong recovery in the Chinese economy amid the worst yet COVID-19 outbreak in the country. This, to a larger extent, overshadows the better-than-expected Chineseprints released earlier this Tuesday, which showed that business activity in both manufacturing and services sectors swung back to growth in January. Apart from this, the protracted Russia-Ukraine war has been fueling recession fears and keeping a lid on any optimism in the markets.
On the flip side, the $1,925-$1,926 horizontal zone now seems to act as an immediate hurdle ahead of the multi-month peak, around the $1,949 region. A sustained strength beyond has the potential to lift the price to the $1,969-$1,970 region. The momentum could get extended further and allow the XAU/USD bulls to surpass an intermediate hurdle near the $1,980 zone, towards reclaiming the $2,000 psychological mark for the first time since March 2022.
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