Gold price (XAU/USD) extends its consolidative price move for the second straight day on Tuesday as bulls turn cautious after the recent rise to a fresh all-time peak touched the previous day amid slightly overbought conditions on the daily chart.
Gold price pauses after the recent strong move up to a fresh all-time peak touched on Monday. The fundamental backdrop favors bullish trades and supports prospects for additional gains. Traders now look forward to the US PCE Price Index on Friday before placing directional bets.
That said, a surprise rate cut by the People's Bank of China on Monday, along with a stopgap spending bill to fund the US government through December 20, cap gains for the XAU/USD. Traders might also opt to move to the sidelines ahead of the release of the US Personal Consumption Expenditures Price Index on Friday amid overbought conditions on the daily chart.
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