Gold Price Forecast: XAU/USD steady around $1838 despite broad USD strength

s of the US central bank tightening monetary policy conditions. Nevertheless, at writing, gold is trading in the green at $1833.33 a troy ounce.

Usually, in geopolitical crises, gold is the ultimate safe-haven asset. However, with the Federal Reserve monetary policy meeting ahead of Wednesday, investors preferred to stay sidelined, awaiting its outcome. Among other investment banks, Goldman Sachs forecast at least four rate hikes in 2022, leaving the Federal Funds Rate at 1%.

, a measurement of the greenback’s value vs. a basket of six peers, edges up 0.36%, sitting at 95.983.Gold has achieved to stay above July 15, 2021, daily high at $1,834, in the last three trading days.is neutral-upward biased, as portrayed by the daily moving averages below the spot price, but its horizontal slope leaves the yellow metal under downward pressure.

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