Gold Price Forecast: XAU/USD rips higher on Credit Suisse risk aversion and tumbling US yields Gold Fed DollarIndex RiskAversion SEO
Investors question whether the Federal Reserve can keep hiking interest rates to curb inflation.
Gold price soared from a low of $1,885.79 to a high of $1,937.39 on the day but has come under some selling pressure in recent trade. Gold price has fallen back to trade around $1,916 at the time of writing, reflecting theBank stocks, already reeling from two large bank failures in the past week, were under pressure on Wednesday as the sharp drop of Credit Suisse.
Long story short, there is a loss of confidence in the bank and this is leading to additional fears of contagion in the global banking arena which is benefitting the Gold price on derisking as well as dialed-back expectations for central bank tightening. As recently as last week, markets were getting set for the return of large Fed interest rate rises.
On a weekly basis, the Gold price has recovered from support and a 78.6% Fibonacci correction. A continuation in theInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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