GOLD : UPDATE | NEWS AND NEW TARGET UPDATE | SHORT ๐
Gold Price Forecast: XAUUSD to suffer another leg lower on a drop below $1,800
Watching aggressive Fed rate hike bets
โTraders will further take cues from remarks by several FOMC officials, including Fed Chair Jerome Powell for clues about the possibility of a 75 bps rate hike move. This, in turn, will play a key role in influencing the near-term USD price dynamics and provide a fresh directional impetus to gold.โ
โIt will be prudent to wait for some follow-through selling below the $1,800 handle before positioning for any further losses. The next relevant support is pegged near the $1,782-$1,780 region, or 2022 low, below which gold could accelerate the slide towards the $1,753-$1,751 zone.โ
Watching aggressive Fed rate hike bets
โTraders will further take cues from remarks by several FOMC officials, including Fed Chair Jerome Powell for clues about the possibility of a 75 bps rate hike move. This, in turn, will play a key role in influencing the near-term USD price dynamics and provide a fresh directional impetus to gold.โ
โIt will be prudent to wait for some follow-through selling below the $1,800 handle before positioning for any further losses. The next relevant support is pegged near the $1,782-$1,780 region, or 2022 low, below which gold could accelerate the slide towards the $1,753-$1,751 zone.โ
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