XAUUSD SIGNAL 04.10.2022.:Gold Price Forecast: XAU/USD sits near three-week high, above $1,700 amid weaker USD.

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XAUUSD SIGNAL

XAUUSD SINAL 

Gold Price Forecast: XAU/USD sits near three-week high, above $1,700 amid weaker USD

  • Gold gains strong follow-through traction and rallies to a three-week high on Tuesday.
  • Retreating US bond yields weighs heavily on the USD and offers support to the metal.
  • Bulls shrug off the risk-on impulse, though hawkish Fed expectations could cap gains.

XAUUSD SIGNAL :Gold is extending the overnight breakout momentum through the $1,680-$1,685 supply zone and building on its recovery from the lowest level since April 2020. The strong follow-through positive move lifts the XAU/USD to a three-week high, around the $1,710 region during the first half of the European session on Tuesday.

 

XAUUSD SIGNAL :Apart from this, growing worries about a deeper economic downturn in the US and Europe offer additional support to the safe-haven gold. The fears were further fueled by Monday’s disappointing US data, which showed that manufacturing activity grew marginally in September, at its slowest pace in nearly 2-1/2 years                                                                                  Confuse Which Broker is best ? , Here you can find the best regulated broker .

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