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- Gold Price Forecast: XAU/USD downside appears compelling amid hawkish central banks
Gold Price Forecast: XAU/USD downside appears compelling amid hawkish central banks
Gold is licking its wounds below $1,800, slightly off its six-week troughs of $1,780. In the view of FXStreet’s Dhwani Mehta, XAU/USD is set to test key $1,775 support.
RBA and BoE to lean hawkish amid rising inflationary pressures
“The Reserve Bank of Australia (RBA) is set to announce an end to its quantitative easing (QE) program on Tuesday while the Bank of England (BoE) is seen hiking the key rate by 25-bps on ‘Super Thursday’. Hawkish central banks’ outcomes could likely keep gold bulls at bay.”
“If Friday’s low of $1,780 gives way, then a test of the December 16 troughs of $1,776 will be imminent. A sustained move below the latter will open floors towards the $1,750 psychological barrier.”
“On the flip side, bulls will meet the horizontal 100-Daily Moving Average (DMA) initial hurdle at $1,795 on the road to recovery. The next significant barrier is seen at the bearish 50-DMA at $1,801, above which the 200-DMA at $1,806 will act as a strong supply zone. Should the recovery momentum sustain, gold will look out to test the wedge support-turned-resistance at $1,811.”
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