Gold Price Forecast: XAU/USD rebounds from over one-week low, climbs back above $1,960 – by hareshmenghani Gold Commodities Recession CentralBanks XAUUSD
week low touched the previous day. The XAU/USD currently trades around the $1,960 level, up 0.25% for the day, as traders keenly wait this week's key central bank event risks.Looming recession risks, the worsening relations between the United States and China - the world's two largest economies - and geopolitical risks cap the recent optimism in the markets.
Apart from the high-anticipated Fed decision, this week's rather busy week also features the release of important US macro data, including the Advance Q2 GDP report and the Core PCE Price Index . Investors will also look to the European Central Bank meeting on Thursday, followed by the Bank of Japan monetary policy update on Friday, which should further contribute in determining the near-term trajectory for the non-yielding Gold price.
On the flip side, the weekly low, around the $1,953 area, now seems to protect the immediate downside ahead of the $1,946-$1,945 region. Some follow-through selling, however, will suggest that the recent upward trajectory witnessed since the beginning of the current month has run its course and pave the way for deeper losses. The Gold price could then accelerate the fall towards the $1,934 horizontal support en route to the $1,926-$1,925 region.
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