Spot Gold peaked early Thursday at $1,993.44 a troy ounce, edging lower ahead of Wall Street’s opening and following some relevant news. On the one h
XAU/USD Current price: $1,984.26 European Central Bank held rates steady after ten consecutive hikes. The United States Gross Domestic Product rose by more than anticipated in Q3. XAU/USD bullish potential intact after first-tier events, $2,000 in sight. and, the European Central Bank announced its decision on monetary policy, and as widely anticipated, policymakers held fire after ten consecutive hikes.
Still, market players pondered Federal Reserve Chairman Powell’s words, saying the central bank needs below-trend growth to assist policymakers with their battle against inflation. Trading was choppy after the events, but after the dust settled, risk turned off. Stock markets are on the back foot, while XAU/USD recovers amid renewed demand for safety. XAU/USD short-term technical outlook XAU/USD is up for a second consecutive day, still overbought in the daily chart.
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