Gold Price Forecast: XAU/USD retreats towards $1,795 support ahead of US CB Consumer Confidence – by anilpanchal7 Gold XAUUSD RiskAppetite YieldCurve CentralBanks
picks up bids to pare recent losses around 104.10, snapping a two-day downtrend with mild gains.
Earlier in the day, hopes for China’s more investment, due to the World Bank’s cutting of growth forecasts for the dragon nation and the policymakers’ readiness to battle the recession fears, favor the market sentiment. On the same line could be the US Senate’s advancement of the $1.66 trillion government spending bill, as well as Japan’s upbeat economic forecasts.and other riskier assets trim recent gains.
However, a convergence of the 21 and 50 Simple Moving Averages , around $1,795, could restrict the metal’s further downside. That said, the $1,800 acts as immediate support.
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