Sunday, April 17, 2022
Gold Weekly Prediction: XAU/USD bouncing back as expectations about reaching $2,000 in the coming week continues to grow
- The safe-haven metal retains its leading position as investors and countries increase demand in response to rising tensions, war, and inflation spikes.
- The Relative Strength Index (RSI) closed last week above 67 on the value line, sustaining the upside potential in the coming days.
- For the second consecutive week, the XAU/USD has continued a bullish trend, indicating a positive picture for the XAU/USD.
Gold left a strong outlook throughout the last week. The safe-haven metal retains its leading position continuing its bullish trend for the second week in a row. As a result, The yellow metal has ended the week above the 1970.0 level.
What was behind the last surge in the gold price in the past week?
Inflation data from the Bureau of Labor Statistics and the Department of Labor showed that inflation rose beyond expectations, with the annual rate of producer price inflation in the United States rising to 11.2% in March, exceeding expectations of that were 10.6%. In addition, producer prices for February were 10.0%. As a result, March data rose 1.2% compared to the previous month.
Tuesday’s data brought the 1978.58 prices into sight, accelerating the price toward 1981.54, a new monthly high, which was also Wednesday’s and April’s high. On the other hand, the 2-year yield fell to its lowest level since July 20. Demand for dividend bond yields has decreased, indicating a reduction in demand for the dollar.
Tuesday’s data brought the 1978.58 prices into sight, accelerating the price toward 1981.54, a new monthly high, which was also Wednesday’s and April’s high. On the other hand, the 2-year yield fell to its lowest level since July 20. Demand for dividend bond yields has decreased, indicating a reduction in demand for the dollar.
Upcoming week
The third week of April doesn’t have much on the economical data calendar. even though, market participants’ eyes would be on…
