Gold Price Intraday Technical Forecast By Neal Bhai [08-06-2022]

Price of Gold Futures Fundamental Weekly Forecast Rising

Gold futures settled sharply lower last week, pressured by a stronger U.S. Dollar, which dampened demand for the dollar-denominated asset. A weaker Euro also indirectly drove gold prices lower. The headlines blamed stronger-than-expected U.S. manufacturing data for underpinning the dollar, but that doesn’t make sense to me since U.S. Treasury yields dropped all week until Friday’s steep rally.

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Spot Gold Below 1513 Target and Support Zone $1412 – $1392

Spot Gold surged on Tuesday, rebounding from a five-session decline after the Federal Reserve’s announcement to boostlending eased fears over a crunch in liquidity. It wasn’t safehaven buying that drove gold prices higher. We know that because Treasury and the U.S.Dollar are the true safehavens.

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