Gold Price lacks upside momentum after four-day winning streak, bearish channel tests upside bias. Firmer United States Treasury bond yields, hawkish Federal Reserve bets fail to provide tailwind to US Dollar amid mixed data.
Recession woes, US-China jitters challenge XAU/USD bulls amid full markets. Fed Reserve can propel Gold Price towards $1,950 resistance.
Gold Price (XAU/USD) lacks upside momentum after posting a four-day winning streak, making rounds to $1,925 during early Wednesday in Asia. In doing so, the XAU/USD takes clues from the latest challenges to sentiment, emanating from fears of a trade war between the United States and China, as well as the concerns surrounding the global recession. It’s worth noting, however, that the US Dollar’s struggle to keep the buyer’s on the table, mainly due to the downbeat data, puts a floor under the Gold Price.
Gold Price stays on the way to posting the first weekly gain in four, despite the latest inaction, as the market’s fears of economic slowdown, higher interest rates and the tension between the United States and China weigh on the sentiment. In doing so, the XAU/USD fails to justify the mildly bid US Dollar as the US statistics have been softer of late. ion.
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