Gold Price Forecast: XAU/USD needs to break the $1,942 barrier for a fresh uptrend Gold XAUUSD PMI Technical Analysis
“The focus is now shifting back to preliminary S&P Global Manufacturing and Services Purchasing Manager’s Index from the Eurozone and the US. Should thereports across the euro area and from the US hint at increasing odds of a global recession, investors could scurry into the safe-haven USD, triggering a sharp retracement in XAU/USD from higher levels.”
“The lower boundary of the wedge, now at $1,923, holds the key for Gold optimists. A sustained downside break could fuel a fresh downswing toward January 18 low at $1,897. But the previous day’s low at $1,911 and the $1,900 round figure could offer some brief reprieve to Gold buyers.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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