Gold Price Forecast: XAU/USD bulls hang in there as geopolitcal headlines come to the fore – by fx_ross Gold Commodities Fed DollarIndex
Gold's safe-haven appeal is supporting the price within a familiar daily range.price is settling in for the end of the North American session around flat for the day having traveled between a low of $1,655.71 and a high of $1,684.95 so far. The yellow metal has found demand on renewed geopolitical concerns following Russia's president, Vladimir Putin, saying he will pour more troops into his war against Ukraine while threatening to use nuclear weapons.
The threat of a wider war is reviving the appeal of the precious metal due to its safe haven role in financial markets despite a bid in the greenback that is trading near the highest in 20 years, supported by the Federal Reserve's 75 basis-point increase to US interestFed key takeawaysTarget Range stands at 3.00% - 3.25%.The policy vote was unanimous. Board members are highly attentive to inflation risks and strongly committed to returning inflation to 2%.
prices have tended to display a systematic underperformance when markets expect the real level of the Fed funds rate to rise above the neutral rate, as estimated by Laubach-Williams.''Meanwhile, from a technical perspective, there are still prospects of a move higher from out of the sideways channel as per the M-formation which is a reversion pattern.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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