XAUUSD SIGNAL 22.09.2022.: Gold Price Forecast: XAU/USD stays bearish below $1,680 hurdle, focus on central banks – Confluence Detector.

XAUUSD SIGNAL 

Gold Price Forecast: XAU/USD stays bearish below $1,680 hurdle, focus on central banks – Confluence Detector

• Gold price holds lower ground near two-year bottom flashed on Fed day.
• Risk-aversion, firmer DXY joins downside break of $1,680 level to keep bears hopeful.
• Multiple central bankers are in line to woo market players, hawkish moves could weigh on XAU/USD.

XAUUSD SIGNAL :Gold price (XAU/USD) reverses the bounce off two-year low year, marked the previous day, as risk-aversion intensifies ahead of the key central bank events. That said, the metal’s latest weakness could also be linked to the US Federal Reserve’s (Fed) third rate hike worth 75 basis points (bps) and hopes of a painful journey to tame inflation moving forward. Additionally, global agitation towards Russia’s mobilization of troops and fears surrounding China are extra negatives for the metal prices. Above all, the metal’s sustained downside break of the $1,680 key support keeps the bears hopeful as multiple central banks are likely to follow the Fed’s hawkish path.

Also read: Gold Price Forecast: XAU/USD awaits bear pennant confirmation for a fresh downswing

Gold Price: Key levels to watch

The Technical Confluence Detector shows that the gold price has breached the $1,680 support confluence comprising the previous yearly low and the pivot point one month S1.

XAUUSD SIGNAL :Following that, the previous weekly low near $1,655 may offer an intermediate halt during the metal’s further downside before directing it towards the pivot point one month S2, near $1,644.