Gold Price Forecast: XAU/USD 50% mean reversion resistance eyed Gold Commodities DollarIndex Currencies
The German Apr IFO business climate index rose +0.4 to a 14-month high of 93.6, stronger than expectations of 93.4. Wunsch said we are "not seeing" inflation going in the right direction yet, and the ECB will only agree to halt interest rate increases once wage growth starts to fall. "We are waiting for wage growth and core inflation to go down, along with headline inflation, before we can arrive at the point where we can pause," the official said.
A deeper look into the right-hand shoulder, on the 4-hour time frame, we can see that the price has broken the micro trendline resistance that would now be expected to act as a counter-trendline. This leaves scope for as move higher into the bearish impulse to target towards $2,000. However, if bears commit, then we could see a 50% mean reversion area hold the fort around $1,992 and a subsequent sell-off from there.
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