Gold Price Forecast: XAU/USD bears aim $1,720 as US dollar reigns

 

On Monday, the gold price continued its downward trend, which is now on its sixth consecutive day. The US dollar maintains its uptrend as investors become more risk averse in response to rising oil prices. The XAU/USD pair has to break below $1,730 for the downward trend to continue toward $1,720 and $1,714.

The price of gold is still subjected to significant selling pressure at the beginning of this week, which has carried over the negative trend from the previous week into a sixth consecutive trading day. Investors’ insatiable hunger for the US dollar as a haven-of-last-resort might be the primary driving force behind the recent drop in the price of the precious metal. After Russia’s Nord Stream 1 pipeline announced that it would be closing for maintenance at the end of this month, investors have been fleeing to safer investments in the face of hawkish expectations from the Federal Reserve and soaring energy prices in Europe and Asia. 

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