Fed Forecasts: The bearish reversal from gold that followed the successful hold of the 38.2 percent Fibonacci retracement of the March 8th peak high to November 3rd range low at approximately 1,790 seems to have run out of short-term steam.
Spot Gold
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Gold price cheers softer US Dollar as Federal Reserve Minutes spot ‘pivot’ discussions
Gold price benefited from the softer US Dollar as the US Dollar Index (DXY) marked the biggest daily slump in two weeks as the Federal Reserve (Fed) officials discussed the need of slowing down the interest rate hikes. That said, the Greenback’s gauge versus the six major currencies refreshed a one-week low following the latest Federal Open Market Committee (FOMC) Meeting Minutes, defensive near 106.15 at the latest.
United States statistics also fuelled the Gold price advances
Mostly downbeat statistics from the United States also weighed on the US Dollar and favored the Gold price (Yellow Metal) to rise further.
Gold and Silver Strengthen Amid Festive Season [18-Oct-2022]
Gold and silver prices inched higher but were pinned below key support levels as markets feared more interest rate hikes by the Federal Reserve. A steep fall was witnessed in both gold and silver prices as data showed U.S. inflation will likely take much longer to cool than initially expected.
Gold Price Analysis: Gold to Slide Below the $1,614 Support
Gold Price Analysis: Gold prices are likely to revisit the previous low of $1,614 as the bearish momentum is set to continue, if gold closes below $1658 today, the bearish trend in gold will continue.
Gold Price Forecast: Gold Maintains Modest Gains Near $1,672 Area
Gold Price Forecast: Gold attracts fresh buying near the $1,658 support area on Wednesday and snaps a five-day losing streak to over a one-week low. The gold (Yellow Metal) holds on to its modest intraday gains, around the $1,672 region through the first half of the European session, though the uptick lacks bullish conviction.
Recession Fears, Support to the Safe-Haven Gold
Gold struggles to gain any meaningful traction on Thursday and seesaws between tepid gains/minor losses through the early North American session. The Yellow metal is currently placed in neutral territory, around the $1,720 region as traders await a fresh catalyst before positioning for the next leg of a directional move.