Gold and silver have been trading higher over recent weeks as the US Dollar surrenders a portion of its recent gains.
With XAU/USD currently trading above the key psychological level of 1800, this week’s price action remained subdued. As fundamental intensity eased and technical levels took centerstage, gold prices failed to gain traction, ending the week flat.
While the formation of a doji candle on the weekly chart forms around the 50-week MA (moving average) at 1807, next week’s event risk could drive the short-term move.
As central banks remain focused on taming inflation through restrictive monetary tightening, higher interest rates have been priced in leaving recession risks at the forefront of risk appetite.
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