Gold Price Forecast: XAU/USD edges higher on softer US Dollar, remains below $1,975 – by hareshmenghani Gold Commodities Recession Fed XAUUSD
988 region, or over a two-month peak. The XAU/USD currently trades just below the $1,975 level, up over 0.15% for the day, though the fundamental backdrop warrants some caution before positioning for any further appreciating move.A generally softer tone around the equity markets, along with concerns over slowing economic growth in China, the worsening US-China trade ties and geopolitical risks, continue to lend some support to the safe-haven precious metal.
Hence, the focus will remain glued to the highly-anticipated FOMC policy decision, due to be announced next Wednesday. This will be followed by the European Central Bank meeting on Thursday and the latest monetary policy update by the Bank of Japan on Friday. Heading into the key central bank event risk, traders might refrain from placing aggressive directional bets and prefer to wait on the sidelines.
On the flip side, the $1,965 area , which is followed by the 100-day Simple Moving Average , currently pegged around the $1,960 region, should protect the immediate downside. Failure to defend the said support levels will expose the weekly low, around the $1,946-$1,945 zone, below which the Gold price could accelerate the fall towards the $1,934 horizontal support. Any subsequent fall, however, is more likely to attract fresh buyers and remain limited near the $1,926-$1,925 region.
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