Gold price forecast: The fall looks restricted as the XAU/USD stays low at $1,845

Despite a minor increase in the US dollar, the price of gold retreated from a seven-month high. The likelihood of Fed rate rises of a lower magnitude supports the metal to some extent. A milder risk tone constraints the downside for the safe-haven XAU/USD.

On Thursday, the gold price experienced some selling pressure and ended a four-day gaining run, reaching its highest level since June 2022, around the $1,865 level reached the day before. The XAU/USD is now trading in the $1,846–1,845 range, down around 0.50% for the day, and is still on the back foot going into the North American session.

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