Gold Price Faces challenges Amid Mixed Concerns and Central Bank
Gold Price (XAU/USD) struggles to defend the corrective bounce off a three-month low marked in the last week, retreating from intraday top of late, amid mixed concerns about Russia and China. Also challenging the XAU/USD buyers is the cautious mood ahead of this week’s top-tier inflation signals from the US and Europe, as well as central bankers’ speeches at the European Central Bank (ECB) Forum and the US Banking Stress Test results.
That said, hopes of more China stimulus defend the Gold Price amid the US Dollar’s retreat as Russia’s short-lived mutiny portrays mildly positive sentiment in the market. However, the S&P’s downward revision of China’s growth forecasts and global fears that the Dragon Nation is off the track of recovery prod the XAU/USD bulls. Further, fears that Russia may take harsh steps to prove its geopolitical strength joins the downbeat concerns about “higher for longer” interest rates to challenge the Gold buyers. It should be noted that the comparatively upbeat US PMIs join the hawkish Fed signals to act as an extra upside filter for the XAU/USD price.
XAUUSD SELL LIMIT 1935 - 1937 💯💯
✅ TP1 1931
✅ TP2 1927
✅ TP3 1923
🛑 SL 1942
That said, hopes of more China stimulus defend the Gold Price amid the US Dollar’s retreat as Russia’s short-lived mutiny portrays mildly positive sentiment in the market. However, the S&P’s downward revision of China’s growth forecasts and global fears that the Dragon Nation is off the track of recovery prod the XAU/USD bulls. Further, fears that Russia may take harsh steps to prove its geopolitical strength joins the downbeat concerns about “higher for longer” interest rates to challenge the Gold buyers. It should be noted that the comparatively upbeat US PMIs join the hawkish Fed signals to act as an extra upside filter for the XAU/USD price.
XAUUSD SELL LIMIT 1935 - 1937 💯💯
✅ TP1 1931
✅ TP2 1927
✅ TP3 1923
🛑 SL 1942
