XAUUSD has decreased for three consecutive days
The gold price for XAU/USD has decreased for three consecutive days, indicating a return to a bearish market after a two-week hiatus.
Despite mixed sentiment, the US Dollar has remained stable while concerns about the US debt ceiling expiration and a possible recession have reinforced the bearish trend for XAU/USD. The expiration of the US debt ceiling, which has been pushed back until early next week, has further contributed to the XAU/USD downtrend.
However, optimism among US policymakers and hopes of a rebound in inflation in China have defied the bears. In my view, gold will continue to decline and target 1980USD/oz
Despite mixed sentiment, the US Dollar has remained stable while concerns about the US debt ceiling expiration and a possible recession have reinforced the bearish trend for XAU/USD. The expiration of the US debt ceiling, which has been pushed back until early next week, has further contributed to the XAU/USD downtrend.
However, optimism among US policymakers and hopes of a rebound in inflation in China have defied the bears. In my view, gold will continue to decline and target 1980USD/oz
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