Gold Price Forecast: XAU/USD struggles to capitalize on intraday bounce from multi-week low – by hareshmenghani Gold Commodities RiskAversion Fed SEO
he first half of the European session. The XAU/USD, for now, seems to have snapped a two-day losing streak and stalled the recent pullback from its highest level since April 2022 touched last week.The prevalent risk-off environment - as depicted by a generally weaker tone around the equity markets - turns out to be a key factor lending support to the safe-haven Gold price.
On the flip side, any subsequent move up is likely to confront some resistance near the $1,890-$1.892 zone ahead of the $1,900 mark. A sustained strength beyond has the potential to lift the Gold price to the $1,920 horizontal barrier, above which a bout of a short-covering move could push thetowards the $1,950 region. This is closely followed by the multi-month peak, around the $1,960 area touched last week.
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