XAU/USD Gold Analysis and Forecast:
• Gold recovery faces first hurdle at 1750-60
• A shift in extreme hawks is bullish for gold
The first hurdle for gold’s recovery
Gold prices overnight lacked guidance from Federal Reserve Chairman Jerome Powell, which provided the metal to extend recent gains to hit a fresh two-week high. At the same time, while the Fed will continue to raise rates, there is a sense that we may be out of the hawkish peak. This, in turn, bodes well for gold, especially as recession risks increase. Gold has been an unpopular asset for most of this year, and for good reason, as real yields have risen significantly.However, given that the United States10The real yield of one-year government bonds is currently higher than6Monthly peak dropped501 basis points, funds are currently net short, and the outlook for the gold market is more encouraging for gold investors.
From a technical standpoint, the recent rally in gold prices is facing its first key test on the upside, with resistance at1750-60Dollar.While this may limit its approach, if gold breaks out and closes at1760Above the dollar, it would be very encouraging and this would open the way to1800Dollar gate.
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Gold Charts: Weekly Time Frame
Also, gold traders will be watching the U.S. very closely10The one-year Treasury yield, which appears to be showing a head-and-shoulders pattern, could break below firmly2.7%is expected to fall further to1.9%.
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U.S.10Annual Yield Chart: Daily Time Frame
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