Gold price (XAU/USD) gained strong positive traction on Wednesday after the Federal Reserve (Fed) opened the door to reducing borrowing costs as soon as September.
A combination of supporting factors pushes the Gold price to a two-week high on Thursday. The Fed ’s dovish stance drags the US bond yields lower and continues to weigh on the USD. The risk-on mood might hold back bulls from placing fresh bets ahead of the US NFP on Friday. Gold price gained strong positive traction on Wednesday after the Fed eral Reserve opened the door to reducing borrowing costs as soon as September.
Moreover, the subsequent move beyond the $2,450 level, along with the fact that oscillators on the daily chart have been gaining positive traction, validates the near-term bullish outlook for the Gold price. Hence, some follow-through strength towards the next relevant hurdle near the $2,468-2,469 region, en route to the $2,483-2,484 zone, or the all-time peak touched in July, looks like a distinct possibility.
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