Gold Price Forecast: XAU/USD consolidates below multi-month top, bullish potential intact – by hareshmenghani Gold Commodities CentralBanks InterestRate SEO
, the Reserve Bank of Australia , and the Reserve Bank of New Zealand have signalled that more hikes were likely. This, in turn, might hold back traders from placing aggressive bullish bets around the non-yielding Gold price and cap gains.That said, growing recession fears, amid a surge in COVID-19 cases in China and geopolitical risks, could benefit the safe-haven Gold price.
From a technical perspective, acceptance above the very important 200-day Simple Moving Average favours bullish traders. The constructive set-up is reinforced by the fact that oscillators on the dailyare holding comfortably in the positive territory and are still far from being in the overbought zone. That said, it will still be prudent to wait for some follow-through buying beyond the multi-month top, around the $1,822-$1,824 region, before positioning for any further gains.
On the flip side, the $1,812-$1,810 horizontal resistance breakpoint now seems to protect the immediate downside. Any further pullback could attract fresh buyers near the $1,800 mark, which, in turn, should help limit the downside near the 200-day SMA.
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