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Abstract：Gold prices dropped by over 1% due to a stronger US dollar and the expectation of further Federal Reserve tightening after positive US job market statistics. However, a potential dovish stance in the future may trigger a rally in gold prices. XAU/USD on WikiFX provides real-time data, analysis, and instructional materials for traders and investors interested in the forex market.
Gold prices (XAU/USD) fell more than 1.0% on Monday, lingering near the crucial $2,000 level. Prices fell as a result of a strengthening US currency and heightened anticipation of more Fed tightening after the announcement of positive US job market statistics.
According to the latest US employment report, which indicated that 236,000 jobs were added in March, traders increased bets that the Federal Open Market Committee (FOMC) would increase rates by another quarter point at its May meeting. This consequently lowered the probability of a pause in the hiking cycle next month.
The continuation of the Federal Reserve's tightening campaign could benefit the US currency, creating resistance for the dollar-denominated gold, thus making it difficult for gold prices to decisively trade above the $2,000 level in the coming days and weeks. However, this does not necessarily invalidate the bullish case.
The Federal Reserve is expected to adopt a dovish stance at some point in the future when the economy takes a turn for the worse due to the lagged effects of aggressive hikes and the adverse impact of the banking sector turmoil. When this happens, gold will likely stage a strong rally.
XAU/USD is currently hovering above key technical support at $2,000 following its recent decline. If this floor is convincingly taken out, sellers may attack $1,975, followed by $1,940.
However, if bulls regain control of the market and spark a rebound from current levels in the near term, the first resistance to keep an eye on is located at $2,050 near April's swing high. If prices breach this ceiling, buying interest may pick up momentum, setting the stage for a climb toward $2,075, gold's all-time peak.
The XAU/USD movement refers to gold price changes versus the US dollar. WikiFX is a comprehensive portal that gives traders and investors interested in the forex market, including the XAU/USD pair, real-time data, analysis, and instructional materials.
The XAU/USD pair is one of the most popular forex trading products due to gold's reputation as a safe-haven asset and the US dollar's status as the world's reserve currency. As a consequence, traders and investors worldwide are keeping a close check on the XAU/USD pair.
Geopolitical tensions, economic data releases, central bank policies, and investor mood are all factors that may influence the direction of the XAU/USD. When there is more uncertainty or volatility in the global political environment, for example, investors prefer to rush to safe-haven commodities like gold, which may push up the price of XAU/USD.
WikiFX provides a number of tools and information to assist traders to evaluate and analyze XAU/USD movement. Real-time price charts, technical analysis indicators, news updates, and instructional articles are among them. Traders can make more educated trading choices and possibly earn from this popular forex trading instrument by keeping informed and knowing the numerous aspects that might affect XAU/USD.
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Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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