The R-word is back on the radars, prompting markets to scale back aggressive rate hike expectations from major central banks worldwide. Cooling hawkish expectations is helping calm investors’ nerves, weighing negatively on the safe-haven US dollar at the expense of gold price. However, stabilizing US Treasury yields, following the recent retreat, are keeping the further upside elusive in the bright metal. The market’s perception of risk sentiment, in the facing of lingering inflation and recession worries will continue to drive the US dollar price action, in turn, influencing XAUUSD.
Gold Price: Key levels to watch
The Technical Confluence Detector shows that Gold Price is retreating after running into strong offers at $1,831, which is the intersection of the Fibonacci 38.2% one-day, SMA200 one-hour and the previous high four-hour.