Gold Price Forecast: XAU/USD holds around $2,330 after dismal US data

XAU/USD Current price: $2,329.29 The US Gross Domestic Product missed expectations, spurring concerns. Inflationary pressures increased in the United States in the first quarter of the year. XAU/USD holds on to modest intraday gains, with the bearish case losing steam. XAU/USD experienced some volatility following the release of United States macroeconomic data, which put a sour taste in traders’ mouths.

The initial fears receded, and US indexes trimmed part of their losses but retain the red. Nevertheless, continued demand for safety maintained XAU/USD evenly balanced. XAU/USD short-term technical outlook From a technical point of view, XAU/USD has made little progress. It is trading just above the 23.6% Fibonacci retracement of the $1,996.06/$2,431.43 rally. In the daily chart, a bullish 20 Simple Moving Average stands around the same level, with the price struggling to extend gains above it.

Source: Digital Coin News (digitalcoinnews.net)

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