Gold price (XAU/USD) rises above $2,450 in Thursday’s European session.
Gold price gains above $2,450 as traders widely anticipated the Fed will begin reducing interest rates from September. The US CPI data for July boosted confidence that price pressures will return to the desired rate of 2%. Investors await the US monthly Retail Sales data for July. Gold price rises above $2,450 in Thursday’s European session.
Retail Sales are expected to have grown by 0.3% after remaining flat in June. Technical Forecast: Gold price oscillates inside channel formation Gold price trades in a channel formation on a daily time frame, which is slightly rising but has been broadly moving sideways for more than three months. The 50-day Exponential Moving Average near $2,390 continues to provide support to the Gold price bulls. The 14-day Relative Strength Index oscillates inside the 40.00-60.
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