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Gold Price Forecast: XAU Coils as Inflation and Recession Odds Conflict


MongiIG

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GOLD, XAU, POWELL, INFLATION, RECESSION, TECHNICAL OUTLOOK - TALKING POINTS

  • Gold prices trimming overnight gains as APAC stocks catch a bid
  • Oil prices and recession risk odds key to XAU’s short-term direction
  • XAU/USD trades in a tight range as a possible shift in direction looms

Gold Price Forecast: XAU Coils as Inflation and Recession Odds Conflict

Gold prices are trimming gains after stocks on Wall Street turned negative overnight. The yellow metal benefited from its appeal as a hedge against stock market declines. 

XAU/USD TECHNICAL FORECAST

Prices have coiled tightly just above the 1830 level since Monday. During the same time, the Relative Strength Index and MACD have stabilized below their respective midpoints. The behavior may suggest that a breakout or breakdown may be in order. To the downside, the psychologically important 1800 level may serve as support. Alternatively, the 61.8% Fibonacci retracement or an ascending trendline may cap prices.

XAU/USD DAILY CHART

xau chart

Chart created with TradingView

 
 

--- Written by Thomas Westwater, Analyst for DailyFX.com | 23rd June 2022

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