Gold Price Forecast: XAU/USD to resume its downside journey amid hawkish Fed bets - Confluence Detector Gold XAUUSD Fed Inflation DollarIndex
has rebounded firmly after defending the critical support of 101.65.
Meanwhile, retail demand by households has also dropped amid higher costs of financing and tight credit conditions by US commercial banks. The wholesome scenario indicates that the Fed won’t extend rates further vigorously and will consider a pause in the same to avoid indulgence of the economy into recession. But, in the current scenario, more rate hikes cannot be ruled out.
On the contrary, The Technical Confluence Indicator conveys that the Gold price would reclaim the ultimate resistance of $2,052.00, which is the previous week’s high and first monthly pivot resistance. For that, the If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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