Gold has been trading sideways on Wednesday in Asia, going back and forth between around $1.706 to $1.714 The pullback in the US dollar supports the Gold price ahead of key central bank meetings.
The US dollar index (DXY) retreated further on Wednesday as the euro hovered around a two-week high against the dollar on the chance the European Central Bank may deliver a more aggressive rate hike. On the other hand, there is a relief from Europe to avoid the worst fears concerning energy shortages as Russia is poised to restart gas exports via the Nord Stream 1 pipeline to Germany.
Meanwhile, market participants are eyeing a few key events: European Central Bank meeting on Thursday and then US PMI on Friday. Another important event would be the Federal Reserve meeting next week.
Disclaimer: Any information contained in this post is provided as general market information for educational purposes only, and does not constitute investment advice.
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