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Gold Price Forecast: Breakout Above Multi-Month Resistance - Levels for XAU/USD Advertisement Gold Price Outlook: Gold prices have moved beyond multi-month bull flag resistance, suggesting that a march back to all-time highs has begun. However, with soft ag and industrial metal commodities pulling back and the US Dollar catching a bid post-FOMC minutes, the ‘runaway inflation’ narrative may be tempered, capping near-term price gains by gold prices. According to the IG Client Sentiment Index, gold prices have a mixed bias in the near-term. Shining Again Gold prices have climbed back to their highest level since the first week of 2021, thanks in part to the ongoing manifestation inflation fears, and perhaps, the bouts of weakness seen in cryptocurrency markets. The ongoing erosion in real US yields due to the combination of loose monetary policy and expansionary fiscal policy is once again proving to be a strong fundamental tailwind for gold prices. ....
Gold Price Forecast: Progressing Towards Multi-Month Resistance - Levels for XAU/USD Advertisement 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… ....
British Pound Forecast: GBP/AUD, GBP/CAD, GBP/NZD Rates Advertisement British Pound Outlook: The British Pound’s performance against the commodity currencies has been middling. While GBP/JPY is up by over +8% year-to-date, GBP/AUD is up by just over +1.7%, GBP/NZD is up less than +0.2%, and GBP/CAD has dropped by over -1.75%. GBP/AUD remains rangebound, while GBP/CAD and GBP/NZD continue to coil ever more into their triangular consolidations. According to the IG Client Sentiment Index, the British Pound has a mixed trading bias. Commodity Currency GBP-crosses Turning Higher? By most measures, the British Pound is among the best performing currencies in the developed currency space. And while this is true particularly against the lower yielding currencies, it’s not-so against growth-sensitive or high beta currencies. While GBP/JPY is up by over +8% year-to-date, GBP/AUD is up by just over +1.7%, GBP/NZD is up less than +0.2%, and GBP/CAD has dropped ....