#XAUUSD @ 3.6269 Gold Price Forecast: buyers remain at risk heading into the BoE
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Gold price is finding its feet after a volatile trading post-Federal Reserve event. For how long can XAUUSD hold $1,630 support? FXStreet’s Dhwani Mehta analyzes the outlook of the yellow metal.
“Daily closing below the $1,630 demand zone is needed to reinforce the downtrend towards the $1,620 round number, below which the October low at $1,617 will be back in play.”
“On a surprisingly hawkish BoE announcement, the GBP/USD pair could rally, dragging the US currency down across the board. The renewed weakness in the US Dollar could aid the rebound in the XAUUSD price.”
“The bearish 21-Daily Moving Average (DMA) at $1,656 will again lure buyers on a sustained break above the $1,640 barrier and the psychological $1,650 level.”
See – BoE Preview: Forecasts from 10 major banks, big rate hike in doubt
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