Gold Price Forecast: XAU/USD struggles for a firm direction, stuck in a range below $1,960 – by hareshmenghani Gold Commodities CentralBanks InterestRate XAUUSD
is almost done with its tightening, which is holding back the USD bulls from placing aggressive bets and lending support to the Gold price. Apart from this, a softer risk tone is seen as another factor underpinning the safe-haven XAU/USD.Any meaningful upside, meanwhile, still seems elusive amid a more hawkish stance adopted by other major central banks.
On the flip side, the immediate hurdle is pegged near the $1,962-$1,964 region ahead of the $1,970-$1,972 supply zone. This is followed by the $1,983-$1,985 resistance, above which a bout of a short-covering has the potential to lift the beyond the $2,000 psychological mark, towards the next relevant barrier near the $2,010-$2,012 region.
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