Commerzbank suggests completion of correction for XAU/USD

Gold gained 2.5% last week, reaching $1,855 per ounce. This week, the precious metal’s direction may be influenced by a number of factors. The testimony of Federal Reserve Chair Jerome Powell and US labour market data, both taking place this week, are expected to play a role in determining gold’s value. According to strategists at Commerzbank, interest rates are expected to hit a peak of 5.5%, and Powell would have to make a hawkish statement and labour market data would have to exceed expectations in order for those expectations to increase any further. Should this occur, gold would come under pressure, otherwise it appears to have finished its correction phase. Interest rate expectations would need to fall in order for gold prices to increase, however neither Powell nor the labour market data are expected to signal this.

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