Gold Price Forecast: XAU/USD clings to mild gains above $1,800 as bulls brace for 2023 Gold XAUUSD RiskAppetite Commodities TrendFollowing
, as well as mixed headlines surrounding the recent key risk catalysts.
Talking about the key catalysts, pessimism surrounding China’s Covid conditions and the Ukraine-Russia tussles joining the global recession woes to weigh on the sentiment. Alternatively, the hopes of the peak in the virus numbers in China and the discovery of an anti-Covid pill joins the chatters of no economic slowdown in the US and Europe to keep the markets positive. Also likely to defend the optimists is the US government funding bill worth $1.7 trillion for the fiscal year 2023.
It should be observed that the mixed prints of the second-tier US data allowed the US Dollar bears to keep the reins amid inactive markets. For 2023, the hopes of easy rates and a likely economic recovery could keep the Gold buyers on the desk despite the latest challenges to the sentiment.Gold price flirts with a three-day-old resistance line as bulls take a breather amid nearly overbought RSI and sluggish MACD signals.
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