XAUUSD Outlook (21 April 2022)
Look for value positions in Gold.
As gold is typically a hedging tool against inflation, when the cost of living increases, the value of gold should increase.
However, since 18th April, price of XAU/USD has dropped from recent resistance of 2000, with price currently at 1951. This is inspite of global inflation data climbing to significant highs (US inflation is at 8.5%)
If XAU/USD retraces further towards the 1934 support level, look for longer term buying opportunities.
As gold is typically a hedging tool against inflation, when the cost of living increases, the value of gold should increase.
However, since 18th April, price of XAU/USD has dropped from recent resistance of 2000, with price currently at 1951. This is inspite of global inflation data climbing to significant highs (US inflation is at 8.5%)
If XAU/USD retraces further towards the 1934 support level, look for longer term buying opportunities.
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