XAU/USD – Gold Price Outlook: Bearish Biased, Where to?

 

GOLD FUNDAMENTAL FORECAST – BEARISH

Despite several event risks, gold prices remained almost unchanged last week. The overall fundamental environment is still expected to be gloomy. XAU/USD is displaying more and more technical indicators of reversal.

Gold prices ended last week fairly steadily after 5 days of turbulence as XAU/USD dropped 0.25%. The many things the yellow metal had to process were the US CPI data, the Federal Reserve, Fedspeak, and even the European Central Bank. As we close up the last few weeks of 2022, all of these may have a long-term effect on gold.

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