Gold Price Forecast: Pullback from yearly highs continues as Credit Suisse rescue soothes markets Gold XAUUSD SEO
ar. The precious metal trades at $1,972 at the time of writing as it continues to consolidate within a technical uptrend. The dust settles after the latest casualty of the current neo-financial crisis, Credit Suisse, was swallowed up by rival UBS on Monday, and Gold – the safe-haven par excellence – loses the upside momentum that propelled it to YTD highs above $2,000.
Making the decision a little more complicated this time, however, is the recent banking crisis which was triggered in part by rising interest rates. Whilst the Fed wants to battle inflation, it must now also take into consideration the impact of higher interest rates on financial stability. “In case the Fed raises the policy rate by 25 basis points but the dot plot shows at least one rate cut before the end of the year, that could also be assessed as a dovish shift in the policyFrom a technical perspective Gold price remains in an uptrend both on the short and medium timeframe. It was ascending in a steep channel but now appears to be pulling back down after peaking on Monday.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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