XAUUSD : Waiting for recovery

Aug 17, 2023

Gold prices (XAU/USD) fell to fresh five-month lows before stabilizing around $1,890 as market participants looked for more clues to extending the previous downturn, supported by recent downturns. hawkish Federal Reserve (Fed) concerns and risk aversion. That said, fears of a recession in China and weaker growth numbers in advanced economies coupled with firmer US data to boost US Treasury yields. and the US Dollar, which in turn affects XAU/USD.

Moving on, the absence of key data/events could allow Gold Price to consolidate recent losses to multi-day lows. However, a wave of risk aversion and more stable yields could keep the US Dollar afloat, thus boosting XAU/USD recovery unless witnessing any strong positive data/news Which force can affect the Greenback and improve the mood.

Aug 17, 2023

Note

Gold prices fell for a third straight session on Wednesday, once again challenging a key contested area around $1,900 per troy ounce. The drop comes amid increased open interest and leaves the yellow metal vulnerable to further losses in the very near term. Against that, a convincing break of the $1900 mark won't meet any notable support until the 2023 low of $1804.

Aug 17, 2023

Note

Gold prices have recovered from Wednesday's losses, now trying to hold near $1,900 per troy ounce during the early hours of the European session on Thursday. The release of recent strong macroeconomic data from the United States (US) on Wednesday put downward pressure on gold prices. Investors are looking for additional impetus from the upcoming US economic indicators to get a clearer view of the possibility of the US Federal Reserve (Fed) tightening monetary policy further.