United States Gross Domestic Product data to affect risk trends
“Should the key US US GDP disappoint, implying signs of slowing down in the American economy, the USD could stage a solid recovery. As a result, Gold could extend its corrective downside to test the wedge support at $1,937. Further south, Gold is expected to challenge the previous day’s low at $1,920, below which a test of the $1,900 mark will be inevitable. Gold sellers, however, need a daily closing below the lower boundary of the rising wedge formation, now at $1,933, to confirm a downside break.”
“If the US growth figures dismiss recession fears, which could fuel a risk rally on global markets and down the demand for the safe-haven USD. In such a scenario, Gold could see a fresh rally above the $1,950 psychological level. The next upside target for Gold bulls is envisioned around April 20 2022 highs near $1,958. A sustained move above the latter will bring the last April high of $1,998 back into the picture.”
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