Gold Price Forecasts: XAU/USD steadies below $1,800 amid recession fears, China Covid optimism – by anilpanchal7 Gold XAUUSD Recession China Coronavirus
XAU/USD traders remain confused as recession woes contrast with China losing Zero-Covid policy.Risk catalysts could entertain Gold traders ahead of the busy days starting from Thursday.and mixed clues during early Wednesday.
It’s worth noting that multiple top-notch company representatives and bank officials have recently raised fears of a global recession. On the same line were comments from Bloomberg Economics. Looking forward, China’s likely risk-positive announcements and second-tier data may entertain Gold traders ahead of Thursday’s China inflation numbers and Friday’s preliminary readings of the US Michigan Consumer Sentiment Index.Not only a clear U-turn from the six-month-old horizontal resistance zone, around $1,805, but the sustained downside break of the 200-DMA, close to $1,794, also keeps the Gold sellers hopeful despite the sluggish MACD signals.
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