Gold Price Forecast: XAU/USD trimmed part of its latest losses, holds above $2,350

📆 5/27/2024 5:06 PM
📰 FXStreetNews

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XAUUSD News

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Gold prices are up on Monday, with XAU/USD trading at around $2,355 after the European close.

XAU/USD Current price: $2,354.27 Gold recovered some of the ground lost last week amid persistent US Dollar interest. The focus this week is on the US Personal Consumption Expenditures Price Index. XAU/USD struggling to extend gains in the near term, still under bulls’ control. The bright metal extended its Friday recovery when it slid $2,325.30, its lowest in two weeks.

Generally speaking, readings below forecast should boost the odds for a soon-to-come rate hike, while the opposite scenario will be understood as a delay in monetary tightening beyond September. XAU/USD short-term technical outlook From a technical point of view, the XAU/USD pair seems poised to extend its advance. The daily chart shows that tast week’s slump was enough for the pair to correct overbought conditions, and technical indicators are currently bouncing from their midlines.

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