GOLD PRICE FORECAST: XAU/USD BULLS KEEP THE REINS BEYOND $1,917 – CONFLUENCE DETECTOR 에서

25 Jan 2023, 15:42 · Views 74

Gold price renews nine-month high while staying comfortably beyond $1,917 support confluence.
US Dollar weakness, mixed sentiment allows XAU/USD bulls to keep the reins amid China’s off, Fed blackout.
First readings of January’s PMI will direct intraday moves but US Q4 GDP will be more important to guidance.

Gold price (XAU/USD) refreshes a nine-month high as it picks up bids to $1,940 during the initial hour of Tuesday’s European session. In doing so, the bright metal cheers broad US Dollar weakness, as well as hopes of more demand from China, ahead of the monthly activity data. It’s worth noting that the cautious mood ahead of the key preliminary activity data from the US, Eurozone and the UK seemed to have put a floor under the Gold price of around $1,917.

Also read: Gold Price Forecast: XAU/USD eyes $1,942 and global PMIs for further upside

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