- XAU / USD gold consolidates near monthly highs below $ 1,820, supported at weekly lows by falling real yields.
- The XAU / USD appears to be on track to post an annual loss of around 4.0%.
- Investors expect losses of a similar magnitude in 2022, according to a Reuters poll.
Gold prices (XAU / USD) consolidating near monthly highs just below $ 1,820, have jumped from previous weekly lows in the $ 1,790 zone after finding support at the 21-day moving average as real US yields fell . Despite a notable improvement in the broader market appetite for risk as Omicron-related fears about potential economic disruptions and aggressive policy changes at major central banks, including the Fed, the ECB and the Bank of England , spot gold is on track to post a healthy monthly gain of around 2.5%, having bounced more than 3.5% from monthly lows previously touched at $ 1,760.
On the last day of the year, the XAU / USD appears to be on track to post an annual loss of about 4.0%, its first annual loss in three. According to Reuters analysts, “the global economic recovery made its safe-haven (gold) appeal less attractive … as central banks prepared to raise interest rates to contain inflation.” According to a Reuters poll published in late October asking investors about their prospects for gold in 2022, the median forecast was for the precious metal to average $ 1,750 for the entire year.
Technical levels
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