Gold Price Analysis: XAU/USD tests monthly highs under $1820, still on course for annual loss of about 4.0% By Frank_Macro XAUUSD Gold
ing support at the 21-day moving average as US real yields slid. Despite a notable improvement in the market’s broader appetite for risk as Omicron-related fears about potential economic disruption and hawkish policy shifts at major central banks including the Fed,and BoE, spot gold is on course to post a healthy monthly gain of about 2.5%, having rebounded more than 3.5% from earlier monthly lows under $1760.
Bond and FX market moves this month have been favourable to precious metals; the 10-year TIPS yield is down roughly 12bps to back under -1.1%, while the DXY is flat on the month just under 96.00, having pulled back sharply from earlier monthly highs closer to 97.00.
If XAU/USD closed out 2022 at this level, that would mark another roughly 4.0% annual decline. To summarise the thinking of many of the poll’s participants; “gold is unlikely to rise much while investors expect the U.S. Federal Reserve to reduce its asset purchases and raise rates” Reuters said, before quoting an analyst at Phillip Futures as saying that "both … are events that traditionally see gold prices put under pressure”.
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