Spot Gold retains its bullish bias at the beginning of the week, extending Friday’s gains towards the record high posted last week at $2,531.60.
XAU/USD Current price: $2,515.31 Upteat United States macroeconomic encouraged near-term US Dollar buying. The US will release the Fed eral Reserve’s favorite inflation gauge at the end of the week. XAU/USD could correct lower in the near term, although fresh record highs are still on the table.
The country will release next Friday the July Personal Consumption Expenditures Price Index, the Fed’s favorite inflation gauge. At the time being, the annual increase is foreseen at 2.5%, matching the June reading, while monthly inflation is expected at 0.2%, slighly higher than the previous 0.1%. XAU/USD short-term technical outlook The daily chart for XAU/USD shows the bright metal hovers around Friday’s high and aims to extend gains.
XAUUSD Recommended Fed Inflation
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