Gold Price Forecast: XAU/USD eyes $1,810-12 hurdle amid weaker US Dollar, recession fears – by hareshmenghani Gold Commodities Recession CentralBanks SEO
USD is currently placed above a technically significant 200-day Simple Moving Average and is supported by a combination of factors.Despite the easing of strict COVID-19 restrictions in China, investors remain worried that a surge in new infections in the country could delay a broader reopening of the economy. Adding to this, the protracted Russia-Ukraine war has been fueling concerns about a deeper global economic downturn and weighing on investors' sentiment.
The sharp intraday fall in the buck could be solely attributed to the Bank of Japan -inspired strong buying around the Japanese Yen. Apart from this, the USD downfall lacks any obvious fundamental catalyst and is more likely to remain limited, at least for the time being, amid a more hawkish commentary by the Federal Reserve last week.In fact, the US central bank signalled that it will continue to raise rates to crush inflation.
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