Gold price (XAU/USD) extends its sideways consolidative price move for the second straight day on Thursday and remains well within striking distance of the record high touched the previous day.
Gold price remains confined in a narrow trading band, though the downside remains cushioned. Bets for another 50 bps Fed rate cut in November cap the USD and offer support for XAU/USD. Geopolitical tensions further act as a tailwind ahead of speeches by influential FOMC members. Gold price extends its sideways consolidative price move for the second straight day on Thursday and remains well within striking distance of the record high touched the previous day.
That said, this week's breakout through a short-term ascending trend channel suggests that the path of least resistance for the Gold price remains to the upside. Hence, the subdued range-bound price action might still be categorized as a consolidation phase before the next leg up. In the meantime, dips towards the ascending channel resistance breakpoint, around the $2,625 region, could be seen as a buying opportunity and remain limited near the $2,600 mark.
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