Gold (XAU/USD) price continued to push higher this week and rose above $2,400 on Friday, gaining nearly 2% for the week.
Gold built on previous weeks gains and advanced above $2,400. The near-term technical perspective suggests that the bullish outlook remains unchanged. Fedspeak and FOMC Minutes could influence XAU/USD’s action next week. Gold price continued to push higher this week and rose above $2,400 on Friday, gaining nearly 2% for the week.
Although Fed officials are unlikely to say whether September will be the right time to lower the interest rates, their comments on the economic outlook and inflation developments could influence rate cut odds. If policymakers reiterate the need to see several more good monthly inflation data before considering a policy pivot, investors could reassess the probability of a rate cut in September and help the USD stay resilient, limiting Gold’s upside.
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