Gold Price Forecast: XAU/USD bears move in at a key 61.8% ratio – by fx_ross Gold Commodities DollarIndex Fed
t levels in more than two years scored on the back of a surging US dollar and bond yields that are both making multi-year highs. At the time of writing, the
A chorus of Fed speakers advocated more interest rate hikes even at the risk of slowing economic growth on Tuesday. Late in the day, a voter in 2023, Philadelphia Federal Reserve President Patrick Harker on Friday said he believes the US central bank can bring down inflation without triggering a deep recession and hefty unemployment.
Meanwhile, the benchmark S&P 500 erased gains of up to 1.7% by early afternoon trading to hit lows last seen in late November 2020. It is headed for a negative close. The US dollar, as measured by the DXY index, is back to trading in the 114 area below 114.47 as the highs of the day.The price has corrected to a 4-hour resistance in a 61.8% ratio correction. This could lead to another test of the lows and a subsequent lower low if $1,621.20 gives way to the bears.
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