Gold Price Forecast: XAU/USD capture $1,750 level
Gold (XAU/USD) is bid on Friday, approaching the psychological threshold of $1,750 in recent trade. The daily bearish impulse may be headed for a test of the Fibonacci scale, and the 38.2 percent ratio near $1,756 will be critical.
Higher up, the golden 61.8 percent ratio is at $1,768 and will intersect with the 20-day EMA. Resistance there could result in a buildup for a resumption of the slide next week.
The fundamentals, on the other hand, support a risk-on strategy in markets, with investors buying into the Federal Reserve’s optimistic economic outlook. Having said that, the Evergande scenario is volatile and will pose a problem in the future.
Evergrande has settled one coupon payment on a Shenzhen-traded bond but was expected to pay $83.5 million in interest on a $2 billion offshore bond on Thursday, as well as a $47.5 million dollar bond interest payment the next week.
There is a 30-day timeframe to arrange the payments, which the corporation says it will make every effort to settle.
According to a Reuters report, ”Evergrande Chairman Hui Ka Yan urged his executives late on Wednesday to ensure the delivery of quality properties and the redemption of its wealth management products, which are typically held by millions of retail investors in China.”
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