the price of gold it bounced strongly from its key support at $1,620. Nevertheless, ANZ Bank Strategists they expect the XAU/USD fall back below $1,700.
A short-lived price hike
“Prices settling above the $1,800 resistance will be crucial to confirm a bullish trend in gold. With the Fed expected to hike rates by 50 basis points in December and inflation to remain well above from the target range, we believe that it would be difficult for the XAU/USD to break this resistance before the end of the year.”
“We expect Gold to pick up support at $1,700, while prices could still test $1,620, which is a key near-term support level. A break of $1,620 could open the door for a price drop for under $1,600.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
