The XAU/USD is seeing some hesitation after pinning into the $2,000 major level as investors turn broadly risk-off ahead of the Federal Reserve's (Fed) upcoming interest rate call slated for tomorrow.
Spot Gold prices are on the high end as investors await the latest Fed statement. XAU/USD is hesitating near the $2,000 major level, but markets remain pinned in risk-off territory. Central banks may be a major underpin in Gold prices. Spot Gold is set for it's best four-week performance in over seven months, with the XAU/USD reaching 11% from October's low bids near $1,810 and reaching a monthly high of $2,009.49.
Central bank Gold purchases for 2023 now total over 800 tons, and central bank Gold demand is a key counterweight for XAU/USD bids that have become increasingly disconnected from US Treasury yields as of late. XAU/USD Technical Outlook Spot Gold's recent gains see the XAU/USD vaulting cleanly over the 200-day Simple Moving Average currently rising into $1,940.
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