Gold Price Forecast: XAU/USD edged higher on Ukraine crisis, upside remains capped

ed on Friday. The XAU/USD held on to its modest intraday gains through the mid-European session and was last seen trading just below the $1,930 level. Theremains fragile amid fading hopes for a de-escalation in the Ukraine war and talk of additional sanctions on Russia. Germany and France said that a new round of sanctions targeting Russia was needed amid reports of war crimes in Ukraine.

That said, rising bets for a more aggressive policy tightening by the Fed kept a lid on any meaningful gains for the non-yielding yellow metal. The markets have been pricing in a 100 bps Fed rate hike move over the new two policy meetings, which was reinforced by stronger US monthly jobs report on Friday. This, in turn, pushed the yield on the two-year US government note - which is highly sensitive to rate hike expectations - to its highest since early 2019.

Hence, the market focus will remain glued to the FOMC monetary policy meeting minutes, due for release on Wednesday. In the meantime, fresh developments surrounding the Russia-Ukraine saga will drive the broader market risk sentiment and provide some impetus to gold prices.

From current levels, any subsequent move up is more likely to confront stiff resistance near the $1,940-$1,942 region. Sustained strength beyond has the potential to lift spot prices back towards the $1,964-$1,966 area. The momentum could further get extended towards the $1,986-$1,988 zone, above which bulls are likely to aim to reclaim the $2,000 psychological mark.

On the flip side, the daily low, around the $1,915 region, now seems to protect the immediate downside ahead of the $1,900-$1,890 area. A convincing break through the latter would set the stage for a slide towards the $1,872-$1.870 zone.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Forecast, News and Analysis - FXStreetCheck our updated for Gold News including real time updates, forecast, technical analysis and the economic latest events from the best source of Forex News
Source: FXStreetNews - 🏆 14. / 72 Read more »

Xbox Game Pass and Xbox Live Gold Price Increase Reportedly Coming SoonAccording to a new report, being subscribers to Xbox Game Pass and Xbox Live Gold is about to get more expensive! Guess I won’t be playing Xbox anymore.
Source: ComicBook - 🏆 65. / 68 Read more »

Carrie Underwood's Grammys 2022 Look Is as Good as GoldEven before Carrie Underwood graced the stage at the 2022 Grammys in Las Vegas, all eyes were on the singer as she stunned in a gorgeous gold gown for music's biggest night
Source: NBCLA - 🏆 319. / 59 Read more »

Gold Futures: Extra losses unlikelyCME Group’s flash data for gold futures markets noted open interest shrank by around 4.6K contracts on Friday, clinching the second consecutive daily
Source: FXStreetNews - 🏆 14. / 72 Read more »

'Gold mine' of census records being released from 1950Genealogists and historians can get a microscopic look at sweeping historical trends when individual records from the 1950 census are released this week.
Source: KPRC2 - 🏆 80. / 68 Read more »

These artists shone at the Grammys and took home the goldSeveral Grammy winners, like Jon Batiste and Olivia Rodrigo, took home multiple awards Sunday.
Source: nypost - 🏆 91. / 67 Read more »