GOLD PRICE FORECAST: – IN 2022, gold has been supported by greater risk and uncertainty, the most obvious coming from geopolitical tension. High inflation has also been a contributing in the forex market. In the Forex market, gold is a form of currency. The internationally accepted code for gold is XAU which is a symbol used under the ISO 4217 currency standard to denote one troy ounce of gold. N the Forex market, gold is a form of currency. The particularity of gold is that it can only be traded against United States dollars (USD). Factors Affecting Gold’s Price · Inflation- When a currency experiences greater than normal inflation, traders may prefer to store their value in gold
GOLD PRICE MONTHLY PREDICTIONS IN FOREX MARKET FOR 2022
Gold has been considered a highly valuable commodity for millennia and the gold price is widely followed in financial markets around the world. Mostly quoted in US Dollars (XAU/USD), gold price tends to increase as stocks and bonds decline. The metal holds its value well, making it a reliable safe-haven. It’s traded constantly based on the intra-day spot rate. Improve your technical analysis of live gold prices with the real-time XAU/USD chart, and read our latest gold news, expert analysis and gold price forecast. Gold price has detrimental effect and plays an important role in the forex trading to predict the news about gold resolution and many more. Gold price is treading water near two-week highs above $1,703, awaiting a fresh catalyst to kick start another upswing following a fantastic start to the week.
The US dollar is licking its wounds, looking to resume the previous week’s correction. The market mood remains buoyed amid expectations that global central banks would slow its rate hike pace amid mounting recession fears. The Reserve Bank of Australia (RBA) surprised markets with a smaller-than-expected 25 bps rate hike, noting that the “cash rate has been increased substantially in a short period of time.” Risk-on sentiment will continue undermining the dollar’s safe-haven appeal unless growth and geopolitical fears resurface. On the macro front, the second-tier US Factory Orders and JOLTS job openings data will be reported, which are expected to have a limited impact on the buck. Although, speeches by the Fed official Williams and master will be closely followed for any hints on the size of the next Fed rate hike.
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