Gold price struggles to regain the $2,400 mark on Tuesday, hovering just below the threshold with a modest intraday positive tone.
XAU/USD Current price: $2,392.25 Encouraging United States macroeconomic data fell short of triggering action. The focus remains on central banks, with the Bank of Japan and the Federal Reserve coming up. XAU/USD extends its consolidative phase, buyers paused but retain control. XAU/USD trades rangebound as speculative interest assesses news from the United States ahead of the Federal Reserve monetary policy decision on Wednesday.
The US central bank is widely anticipated to keep interest rates unchanged, although market participants hope policymakers will provide clues on a September rate cut. Ever since Chairman Jerome Powell adopted a more dovish speech, hopes for two interest rate cuts before year-end have skyrocketed. XAU/USD short-term technical outlook From a technical point of view, the bearish potential for XAU/USD seems limited.
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