top of page

Title: Gold Price Forecast: XAU/USD hits fresh monthly high, eyeing $1,815 barrier amid risk-off

  • Writer: analysiswatch
    analysiswatch
  • Dec 17, 2021
  • 1 min read








Dec 17, 2021 8:44 AM ET


By: AnalysisWatch


Gold prices extended their strong post-FOMC conference rally from the $1,753 area, a more than two-month low, and gained momentum for a third straight day on Friday. The momentum continued in early North American trade, pushing spot prices to a fresh one-month high in the $1.8113 area in the last hour.


As investors put this week's flurry of central bank decisions behind them, the prevailing cautious sentiment was seen as a key factor benefiting safe-haven gold. Concerns about the economic risks posed by the rapid spread of the Omicron coronavirus continued to weigh on investor sentiment. This was reflected in the generally weaker trading sentiment in the equity markets.


The flight to safety triggered a renewed decline in US Treasury bond yields, putting dollar bulls on the defensive and further supporting the low-yielding yellow metal. Apart from this, the momentum could also be attributed to some technical buying on a sustained move above the 200/100-day SMA convergence and the round number of $1,800. With the recent surge, gold has recovered around $60 from the low it reached on Wednesday and seems to be ending the week on a positive note.

 
 
 

Comments


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page