Gold Price Forecast: XAUUSD challenging the upper end of its range

4/7/2022 8:15:00 PM

#Gold is mildly #bullish in the near term, still needs to surpass $1,949.80 #XAU #XAUUSD $XAU $XAUUSD

Gold is mildly bullish in the near term, still needs to surpass $1,949.80 XAU XAUUSD $XAU $XAUUSD

XAUUSD Current Price: $1,935.16 Central banks’ hawkishness and the Eastern European crisis undermine the market’s mood. Stocks turned red, with Wall

Central banks’ hawkishness and the Eastern European crisis undermine the market’s mood..XAU/USD is trading in a relatively tight range near $1,920.Concerns related to the Russia-Ukraine crisis and soaring inflation undermine the market’s mood.

Stocks turned red, with Wall Street down for a third consecutive day.XAUUSD is mildly bullish in the near term, still needs to surpass $1,949.All eyes will remain on the Fed officials’ debate about the prospects of aggressive tightening in the coming months while any hints on the balance sheet reduction will be also closely eyed.80.Investors are building fresh long position in gold “Geopolitical risk continues to remain the key price driver, which would see strong appetite for safe-haven demand.Spot gold grinds higher amid a souring market’s mood and hawkish central banks, currently trading at around $1,935 a troy ounce.A sustained break below the latter will call for a test of the ascending 50-Daily Moving Average (DMA) at $1,903.The bright metal topped $1,937.The bright metal neared the weekly low at $1,915.

78 during US trading hours as speculative interest was spooked away from high-yielding assets.” “On the upside, the 21-DMA at $1,941 will be the first test for gold bulls on the road to recovery, above which the previous day’s high of $1,945 will be challenged.” “We expect gold prices to remain above $1,900/oz this year.The United Nations voted to suspend Russia from the UN Human Rights Council after allegations of atrocities committed by Russian soldiers during the war in Ukraine.Chances of a diplomatic solution to the Moscow-Kyiv conflict have diminished as irreconcilable demands from one and the other clash in talks.” Information on these pages contains forward-looking statements that involve risks and uncertainties.The US Federal Reserve released the Minutes of its latest meeting on Wednesday, reminding market players how aggressive policymakers have turned in the last couple of months.You should do your own thorough research before making any investment decisions.On Thursday, it was the turn of the European Central Bank to release the Accounts of its latest meeting, which also hinted at escalating tightening.You should do your own thorough research before making any investment decisions.Meanwhile, bottlenecks and supply-chain issues continue to weigh on economic growth and inflation.

European policymakers are considering raising rates by the third quarter of the year once they end their bond-buying program.European indexes turned red, while Wall Street is down for a third consecutive day, favoring demand for safe-haven gold.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.XAUUSD Technical Outlook Spot gold trades at the upper end of its latest range, with the bullish potential still limited.The daily chart shows that it is struggling with a mildly bearish 20 SMA while above the longer ones.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.Technical indicators hold within neutral levels, the RSI directionless and the Momentum advancing.The author will not be held responsible for information that is found at the end of links posted on this page.XAUUSD Technical Outlook Gold Price is currently trading at around $1,924 a troy ounce.

In the near term, and according to the 4-hour chart , XAUUSD perspective is neutral-to-bullish.The author will not be held responsible for information that is found at the end of links posted on this page.The price is currently trapped between directionless moving averages, while technical indicators aim higher around their midlines and with limited bullish strength.The metal could gain bullish momentum on a break above $1,949.The author has not received compensation for writing this article, other than from FXStreet.FXStreet and the author do not provide personalized recommendations.80, a strong static resistance level.Support levels: 1,926.The author makes no representations as to the accuracy, completeness, or suitability of this information.40 1,903.

00 1,915.Errors and omissions excepted.40 1,903.Errors and omissions excepted.40 Resistance levels: 1,938.50 1,949..80 1,961.00 View Live Chart for the XAU/USD Information on these pages contains forward-looking statements that involve risks and uncertainties.

00 View Live Chart for the XAU/USD Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.

Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.

The author has not received compensation for writing this article, other than from FXStreet.FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice..

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