Gold consolidates in a range amid investor uncertainty over when the Fed will cut interest rates. Despite falling inflation, Fed officials are reluctant to commit to interest-rate cuts. XAU/USD consolidates after breaching above a key trendline, invalidating the bearish H&S topping pattern that had been forming. Gold edges lower to chart support on Monday as it continues trading in the range it has been in since it peaked at its all-time high of $2,450 on May 20.
On the other hand, if the Fed does give a signal for a rate cut, we would see an upward movement in the gold price due to the weakness in the dollar index, said the CIO. Technical Analysis: Gold consolidates above broken trendline, invalidating H&S Gold pulls back to find support at the downsloping trendline that it broke above last week, which connects the “Head” and “Right Shoulder” of the now invalidated Head and Shoulders pattern that formed during April, May, and June.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »