Gold Price Forecast: XAU/USD on the defensive below $1,850, focus remains on FOMC By HareshMenghani Gold Commodities RiskAppetite Fed XAUUSD
remained depressed through the first half of the European session and was last seen flirting with the daily low, near the $1,845 zone.
The pullback could be attributed to some repositioning trade ahead of the key central bank event risk – the outcome of a two-day FOMC policy meeting. It is worth recalling that the markets have fully priced in an eventuallift-off in March and expect a total of four hikes in 2022. Hence, investors will look for fresh clues over the likely timing of when the US central bank will commence its policy tightening cycle.
In the meantime, elevated US Treasury bond yields and expectations for a faster policy tightening by the Fed continued underpinning the US dollar. This, in turn, was seen as a key factor that acted as a headwind for the dollar-denominated gold. Apart from this, a strong recovery in the global risk sentiment – as depicted by a generally positive tone around the equity markets – drove flows away from the safe-haven precious metal.
On the flip side, any meaningful slide might still be seen as a buying opportunity near the $1,830 region. A convincing break below might prompt some technical selling and accelerate the fall towards the $1,812 zone. This is followed by the very important 200-day SMA, currently around the $1,805 region and an upward sloping trend-line support, extending from August 2021 swing low, currently around the $1,797 region.
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