Gold Price Forecast: XAU/USD pulls away from multi-month top, slides below $1,925 level – by hareshmenghani Gold Commodities Fed SEO XAUUSD
on the defensive through the first half of the European session and is currently placed near the daily low, just below the $1,925 level, down nearly 0.70% for the day.The intraday downtick witnessed around the Gold price lacks any obvious fundamental catalyst and could be attributed to some profit-taking. That said, firming expectations for a less aggressive policy tightening by the Federal Reserve could offer some support to the non-yielding yellow metal.
This will mark a further moderation in the pace of the rate-hike cycle, which keeps the US Dollar on the defensive near a nine-month low. A softer greenback might turn out to be another factor that should help limit losses for the US Dollar-denominated Gold price.Apart from this, the prevalent cautious mood could further act as a tailwind for the safe-haven Gold price. The recent optimism over the easing of strict COVID-19 restrictions in China remains capped amid looming recession risks.
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