Gold Price Forecast: XAU/USD bulls have stepped in, hourly price action is bullish By ross_burland Gold Commodities Fed DollarIndex CentralBanks
Gold remains in bearish territory but is attempting to recover from fresh cycle lows. The price of is consolidating the overnight drop from a high of $1,858.87 to a fresh cycle low of $1,810.67. The US dollar has been strong into the end of the week and hit fresh two-decade highs on Thursday as investors move in droves into the safe-haven currency in the face of surging inflation and heightened risks surrounding the Russian invasion of Ukraine.
''A liquidity vacuum is dragging all assets lower, leaving gold to circle the drain in defiance of its safe-haven status, despite the fierce rally in Treasuries,'' analysts at TD Securities said. ''With CTA trend followers joining into the liquidation party, substantial selling flow continues to weigh on the yellow metal at a time when''Prices are now struggling to hold onto the bull-market-era defining uptrend in the yellow metal under the pressure of this selling flow.
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