XAU/USD is Rather Bullish Against Hawkish FED

XAU/USD prices struggling to keep bearish trend since FED chair spoke. Despite ZA omicron variant pressure on gold it is keeping pace against it so the market reacts as bullish side.

The price is hanging around $1,800 while its next target will be $1,818 then $1834. This is the common price to follow by this precious metal. If the price gets power move and crosses 1820 then next $1,834 is very likely.

On the other side, gold could look to $1,780 zone again if more buy pressure continues from retail traders. Also the hawkishness could drive the pair down to $1,756 while 100SMA is above the PA on daily chart. Next target is likely to $1,793.

Leave a Reply

Your email address will not be published. Required fields are marked *