Gold Price Forecast: Progressing Towards Multi-Month Resistance - Levels for XAU/USD
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Gold Price Outlook:
Despite inflation fears rearing their head with rippling effects across global financial markets, gold prices have enjoyed a strong run since early-April, and have weathered ‘the storm’ around US inflation data this week.
Seasonality, May has been one of the worst, if not the worst, months of the year for gold prices, which may prove to be a headwind in an environment that has proved bullish otherwise.
According to the IG Client Sentiment Index, gold prices have a bearish bias in the near-term.
Two Steps Forward, One Step Back, Two Steps Forward…