Spot Gold kept rallying on Monday, up for a third consecutive day and currently trading above $2,460 a troy ounce.
XAU/USD Current price: $2,464.29 Speculation that the Fed has no choice but to trim interest rates weighs on the US Dollar. The United States will publish the July Consumer Price Index later this week. XAU/USD is poised to extend gains despite near-term overbought conditions. The bright metal kicked off the week with a positive tone amid easing demand for the US Dollar. Meanwhile, concerns about escalating tensions in the Middle East fueled demand for Gold .
Policymakers will have to assess the risk of an economic setback should they decide not to trim record rates. XAU/USD short-term technical outlook From a technical point of view, XAU/USD is poised to extend its advance. In the daily chart, technical indicators have turned north after a brief consolidation within positive levels. Furthermore, the pair is trading above all its moving averages, with the 20 Simple Moving Average gaining upward traction above already bullish 100 and 200 SMAs.
Gold Recommended Fed Inflation
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