top of page

Title: Gold Price Forecast: XAU/USD retreats towards $1,785 key support ahead of US inflation

  • Writer: analysiswatch
    analysiswatch
  • Aug 10, 2022
  • 1 min read

Aug 10, 2022 02:21AM ET


By: AnalysisWatch


The gold price takes bids to renew its intraday low, reversing its monthly high.


The U.S. dollar follows in the wake of sluggish yields and uncertain market sentiment ahead of July's U.S. CPI.


Softer U.S. inflation could combine with technical factors to favor XAU/USD bulls, targeting $1.805.


The gold price (XAU/USD) reverses from monthly highs, snapping a two-day bullish trend, as sellers target the $1,790 level early Wednesday morning in Europe.In this way, the precious metal shows the market's anxiety ahead of U.S. inflation statistics, amid growing hawkish bets on the Federal Reserve's (Fed) next move.


In addition to pre-CPI caution, fears of an economic slowdown are also weighing on the XAU/USD quote.


That said, fears of an economic slowdown intensified after Russia announced that it was cutting off the flow of oil due to a blockade of the Druzhba pipeline that supplies black gold. According to Reuters reports, "Russia has reportedly suspended oil flows through the southern section of the Druzhba pipeline due to problems with transit payments."

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