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Gold Price Prediction: XAU/USD bears maintain control below $1,845 - Convergence Detection

Daniel Rogers

Feb 21, 2023 15:13

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Gold price (XAU/USD) declines toward the previous week's low, which is also the lowest level since late December, as risk aversion and the restoration of full markets combine to support the US Dollar. The rising rates on US Treasury bonds may bolster the greenback and weigh on the XAU/USD.

 

Yet, geopolitical concerns regarding China and Russia appear to be driving the recent push toward risk aversion. With the good US data, there are new concerns regarding the Federal Reserve's (Fed) hawkish move. Notably, the cautious sentiment preceding the preliminary readings of the US Purchasing Managers Index (PMI) data for February appears to pose a challenge to the Gold price. Wednesday's Federal Open Market Committee (FOMC) Monetary Policy Meeting Minutes are also crucial.

 

In addition to the cautious mood and fears of a rising Fed rate, technical convergence gives gold bears reason to be optimistic.


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