Gold Price Forecast: XAU/USD eyes further downside below $1,700 as DXY extends post-Fed rally – by anilpanchal7 Gold XAUUSD Fed RussianFederation Recession
on. That said, the Fed’s hawkish action and Russia-linked fresh geopolitical fears are the latest catalysts that weigh on the metal prices of late.
It should be noted that Goldman Sachs revised down China’s GDP forecasts amid fresh covid woes, which in turn also weigh on the XAU/USD price due to the dragon nation’s status as the key gold consumer. In doing so, the lower line of a seven-week-old bearish channel, close to $1,643, will be in focus ahead of the $1,600 threshold and April 2020 bottom near $1,590.
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