January 27, 2023

XAU/USD to see a price correction in the short-term – ANZ

Gold trades near $1,930 as the weaker US Dollar continues to lend support. Economists at ANZ Bank expect a downside correction in the near term.

Dollar’s direction could reverse with any hawkish comments from the Fed

“Gold is benefitting from a weakening US Dollar and expectations of the Fed tapering its monetary tightening.”

“Inflation is still well above the Fed’s target range of 2%, and the Dollar’s direction could reverse with any hawkish comments from the central bank.” 

“We expect a price correction in the short-term.”

 

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