Gold Price Forecast: XAU/USD rebounds on China data, International Monetary Fund growth projections Gold XAUUSD SEO IMF China
News suggesting US President Joe Biden’s administration’s readiness to revoke the Covid-led emergencies from May 11 appeared to have favored the risk-on profile of late. On Monday, China’s Center for Disease Control and Prevention said, reported by Reuters, “China's current wave of COVID-19 infections is nearing an end, and there was no significant rebound in cases during the Lunar New Year holiday.
It should, however, be noted that the cautious mood ahead of the earnings reports from the equity heavyweights like Amazon, Alphabet, Apple and Meta also could challenge the market’s optimism and the Gold price.Gold price recovers from a one-month-old ascending support line while teasing the XAU/USD buyers amid the mostly steady Relative Strength Index .
As a result, the metal’s rebound remains elusive unless it remains below the 50-SMA, around $1,930 by the press time. It’s worth noting, however, that an upward-sloping resistance line from January 16, close to $1,958 by the press time, appears the last defense for the XAU/USD bears.
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