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Gold Price Forecast: XAU May Fall on Rising Oil and US Dollar


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Jun 9, 2022 | DailyFX
Thomas Westwater, Analyst

GOLD, XAU/USD, CRUDE OIL, US DOLLAR, CPI, TECHNICAL OUTLOOK - TALKING POINTS

  • Gold prices weighed down by higher oil prices, strong US Dollar
  • All but an extremely strong CPI print unlikely to support bullion
  • XAU/USD prices primed to drop if 200-day SMA gives way

XAU/USD TECHNICAL FORECAST

Gold prices sit just below a key trendline from 2021 and the 61.8% Fibonacci retracement. Directly below sits the 200-day Simple Moving Average. A drop below that SMA could open the door for prices to fall to the psychologically important 1800 level.

XAU/USD DAILY CHART

gold

Chart created with TradingView

 

What are your views on Gold ?

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