Gold Upbeat as the US Dollar Deflates, Trying to Stop the 4-Week Losing Streak
XAU/USD takes advantage of the greenbacks demise and extends yesterday’s gains, after avoiding fresh 2022 lows
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XAU/USD takes advantage of the greenbacks demise and extends yesterday’s gains, after avoiding fresh 2022 lows
The world’s second largest consumer of oil, reported some disappointing economic data earlier, causing the commodity and broader market sentiment to dive
Gold bulls support the price on the short-term pivot, but the longer-term trend may dominate.
XAU/USD rebounds after its poor weekly start, as the greenback faces headwinds and markets prepare for today’s US Consumer Price Index
The G7 countries pledged over the weekend to phase out Russian oil, while in speech earlier today, Mr Putin did not announce any major policy changes
Although gold rallied yesterday, following the Fed-perceived dovishness, it remains weak on the daily time frame.
Oil is climbing following a proposal made by European Commission President Ursula von der Leyen to embargo Russian crude oil imports within the next six months. This ban will include both seaborne and pipeline supply. Moreover, refined products will be phased out by the end of 2022.
Gold charts a lower peak followed by a lower trough on its weekly chart.
Gold has bounced to a critical resistance level in a downtrend.
Gold covers earlier losses during the European session, in a backdrop of heightened Western-Russian tensions and persistent USD strength
Gold declines, and the dollar finds a bid as market participants prepare for Fed front-loading.
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