Spot Gold turned south after Wall Street’s opening and after spending the first half of the day consolidating just below $2,400.
XAU/USD Current price: $2,378.85 Financial markets turn cautious ahead of central banks’ announcements. The Federal Reserve is likely to pave the way for a September rate cut this week. XAU/USD tunrned neutral-to-bearish in the near term, critical support at $2,366. XAU/USD fell towards $2,369.57 and trades nearby as investors gear up for critical events spread throughout the week. Financial markets started the week with a firm footing, with Asian stocks posting substantial gains.
The BoJ is foreseen to reduce the monthly purchases of Japan Government Bonds , while the Fed is likely to pave the way for a September cut. As for the BoE, market players anticipate a 25 basis point rate cut. XAU/USD short-term technical outlook The daily chart for XAU/USD shows the risk skews to the downside, although additional confirmation is required. The bright metal trades below a still bullish 20 Simple Moving Average , but technical indicators turned back south within neutral levels.
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