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Gold Price Forecast: XAU/USD crashes below $1,840 as geopolitical worries damper market mood

Alina Haynes

Feb 20, 2023 11:13

截屏2022-06-07 下午5.14.07.png 

 

Gold price (XAU/USD) has slid to about $1,837.90 after giving a negative break of the consolidation created in a limited range of around $1,844.00 in the Asian session. The precious metal has been given amid growing geopolitical tensions between the United States and China and the launch of rockets from North Korea near Japan’s Exclusive Economic Zone (EEZ).

 

Investors should brace for wild volatility as the equity markets in the United States will stay closed on Monday owing to Presidents’ Day. Nevertheless, S&P500 futures have slid further amid increased forecasts of the continuation of the restrictive policy stance by the Federal Reserve (Fed), presenting a decline in the risk-aversion theme.

 

The US Dollar Index (DXY) has risen over 103.70 as investors are increasingly anxious that the higher-than-anticipated US Consumer Price Index (CPI), Producers Price Index (PPI), and monthly Retail Sales data have prompted the possibility of a comeback in the inflationary pressures.

 

Fed Governor Michelle Bowman stated on Friday that they are seeing a lot of conflicting data in economic conditions. He further noted, the Fed has “A long way to go to get inflation back down to our goal."


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