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Title: Gold Price Forecast: XAU/USD retreats from 50-HMA with eyes on Taiwan, US macro

  • Writer: analysiswatch
    analysiswatch
  • Aug 3, 2022
  • 1 min read

Aug 03, 2022 06:41AM ET


By: AnalysisWatch


Gold price fades recovery moves as traders struggle for clear directions.


China Caixin Services PMI, mixed Fedspeak favor XAU/USD buyers.


US-China tensions over Taiwan, recession woes keep sellers hopeful.


US ISM Services PMI, Factory Orders may entertain traders but risk catalysts are more important.


Gold price (XAU/USD) fails to extend daily gains around $1,770 amid the early Wednesday morning in Europe. In doing so, the yellow metal buyers struggle for fresh clues to stretch the latest recovery moves inside a trend-widening chart pattern.


Mixed concerns over Taiwan and an absence of strongly hawkish Fed comments seem to restrict immediate XAU/USD moves. Also challenging the gold price is the upbeat prints of China Caixin Services PMI for July contrasting to the official activity numbers at home and abroad, as well as broad recession woes.


Gold price pares daily gains inside a one-week-old megaphone trend widening technical chart formation on the hourly play.


That said, the XAU/USD’s latest pullback from the 50-HMA, at $1,770 by the press time, lacks support from the MACD, which in turn hints at the quote’s further advances towards the previous day’s high near $1,788.


However, upper line of the aforementioned megaphone pattern, near $1,790, could challenge the bullion’s further upside.


Meanwhile, pullback moves may initial aim for the stated formation’s support line, close to $1,755, before directing gold sellers towards the 50% Fibonacci retracement of July 27 to August 02 upside, near $1,749.


Also acting as the downside filter is the 61.8% Fibonacci retracement level around $1,740.


Overall, gold price grinds higher and may witness further volatility inside the megaphone.

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