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XAUUSD SIGNAL 29-09-2022 : Gold Price Forecast XAUUSD bounces off lows, lacks follow-through amid rate hike jitters

XAUUSD SIGNAL

XAUUSD SIGNAL : Gold Price Forecast XAUUSD bounces off lows, lacks follow-through amid rate hike jitters

  • Gold recovers a part of its intraday losses amid the emergence of some selling around the USD.
  • Aggressive Fed rate hike bets lift the US bond yields and should act as a tailwind for the buck.
  • The prospects for more aggressive central banks could also contribute to capping the XAU/USD.

XAUUSD SIGNAL : XAUUSD Gold attracts some buying in the vicinity of the $1,640 level on Thursday and recovers a major part of its early lost ground. The XAU/USD climbs back closer to the weekly high touched the previous day and is trading around the $1,655 region during the early North American session, still down over 0.30% for the day.

The US dollar struggles to preserve its intraday gains and drops to a fresh daily low in the last hour, which turns out to be a key factor offering support to the dollar-denominated gold. The USD downtick could be solely attributed to a goodish pickup in demand for the British pound, though a combination of factors could help limit deeper losses.

Investors seem convinced that the Federal Reserve will continue to hike interest rates at a faster pace to combat stubbornly high inflation. The bets were reaffirmed by the recent hawkish comments by a slew of FOMC officials. This, in turn, triggers a fresh leg up in the US Treasury bond yields and should act as a tailwind for the greenback.

XAUUSD SIGNAL : Furthermore, the prospects for a more aggressive policy tightening by other major central banks might also contribute to capping the upside for the non-yielding gold. This makes it prudent to wait for strong follow-through buying before confirming that the XAU/USD has formed a near-term bottom and positioning for any further appreciating move.

That said, the prevalent risk-off mood, amid growing worries about a deeper global economic downturn and geopolitical risk, could extend support to the safe-haven precious metal. The mixed fundamental backdrop warrants some caution for aggressive traders and placing fresh directional bets around gold.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

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