XAUUSD- price is expected to increase again for OANDA:XAUUSD by TheLeader_WOLF

– Gold prices fell very sharply over the weekend following information from the Federal Reserve and positive US manufacturing data. This caused the gold price to break through the 2030 neckline and plummet to 2015 levels.

– Bearish pressure is expected to continue as gold prices recorded a slight CAP decline at the start of trading this morning. Traders can prioritize selling when the price has a chance to retest the 2030 area or when it is safer to sell in the 2045 area.

We wish retailers an effective translation strategy.

There is expected to be a lack of information on gold prices entering trade this week. As a result, the gold market is quiet. But experts say gold prices tend to rise when the International Monetary Fund (IMF) releases pessimistic forecasts for the global economy.

According to the IMF, the global economy will face too many headwinds in 2023. That is, the post-COVID-19 epidemic has not yet recovered, the conflict between Russia and Ukraine has not cooled down, and there is a conflict with Israel. and movements in Europe. Hamas, the Palestinian Islamist movement. Countries have to spend large amounts of money to stimulate their economies, which increases national debt. The IMF said global economic activity has not returned to pre-pandemic levels, particularly in emerging and developing countries.

Famous rating agency Fitch Ratings, jointly with the IMF, said, “Global economic growth (GDP) in 2023 is likely to remain at around 2.5-3%, lower than the 3.3-3% expected.” The IMF and the Organization for Economic Co-operation and Development (OECD) had previously predicted 0.5%. The European Union (EU) forecasts global economic growth of 3.2% in 2023, an increase of only 0.1% compared to the May 2023 forecast. The World Bank (WB) also recently predicted that the global economic growth rate in 2023 will remain at around 2.1%.

As a result, major economic and financial institutions predict that by this time the global economy will have slowed significantly compared to previous forecasts. If economic growth slows as expected at the end of the year, gold prices could rise. Additionally, gold prices are expected to rise significantly due to increased demand for gifts in the Asian market at the end of the year.