The Gold price (XAU/USD) holds positive ground above the $2,500 psychological support on Monday.
Gold price gains traction in Monday’s Asian session. Fed’s rate cut expectation and ongoing geopolitical tensions continue to underpin Gold price. The US July Durable Goods Orders are due later on Monday. The Gold price holds positive ground above the $2,500 psychological support on Monday. The uptick in the precious metal is bolstered by the rising expectations that the US Federal Reserve will begin lowering borrowing costs in September.
If Gold prints a couple more bullish candlesticks, we could see a rally to the $2,530-$2535 region, the record high and the upper boundary of the trend channel. A decisive break above this level may draw in more buyers who could sustain an upswing all the way to the $2,600 psychological barrier. On the flip side, the initial support level emerges at $2,470, the low of August 22.
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