Gold Price Forecast: XAU/USD Bulls Respond to First 2024 Test Below $2kGold prices finally tested below the $2k psychological level and this was the first such instance in two months, since before the December FOMC rate decision.
Bears had an open door to make a run, but USD resistance held at 105 on DXY, and that brought gold bulls back into the picture helping spot XAU/USD to push back above the psychological level.
Even though U.S. data has remained strong, the Fed has remained dovish and this likely has to do with worries around China, Germany and a Japan that just went back into recession this week. If the Fed were hawkish that could drive intense capital flows into the U.S. which could create a problem for later in the year.
Bears had an open door to make a run, but USD resistance held at 105 on DXY, and that brought gold bulls back into the picture helping spot XAU/USD to push back above the psychological level.
Even though U.S. data has remained strong, the Fed has remained dovish and this likely has to do with worries around China, Germany and a Japan that just went back into recession this week. If the Fed were hawkish that could drive intense capital flows into the U.S. which could create a problem for later in the year.
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