Gold Price Forecast: XAU/USD bulls retain control near nine-month top, just below $1,950 – by hareshmenghani Gold Commodities Fed Recession SEO
shes the XAU/USD to its highest level since April 22, around the $1,942-$1,943 region during the early European session, though lacks follow-through.The US Dollar meets with a fresh supply and hits a new nine-month low amid firming expectations for a less aggressive policy tightening by the Federal Reserve . Investors now seem convinced that the Fed will soften its hawkish stance amid signs of easing inflationary pressures in the United States .
Apart from this, the cautious mood is seen as another factor acting as a tailwind for the safe-haven XAU/USD. The market sentiment remains fragile amid growing worries about headwinds stemming from the worst yet COVID-19 outbreak in China. Furthermore, the protracted Russia-Ukraine war has been fueling worries about a deeper global economic downturn.
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