The US Dollar started the day on the back foot, shedding ground against most major rivals as optimistic investors lift bets for an upcoming Federal Reserve (Fed) rate cut on Tuesday.
XAU/USD Current price: $2,443.88 The United States Consumer Price Index resulted marginally softer in July. Market participants keep beating the Fed eral Reserve will trim rates in September. XAU/USD could extend its slide once clearly below $2,438.80, a Fibonacci support level. The US Dollar started the day on the back foot, shedding ground against most major rivals as optimistic investors lift bets for an upcoming Fed eral Reserve rate cut on Tuesday.
For the most, US CPI figures confirmed what the market hopes: that the Federal Reserve will trim interest rates in its September meeting, not only because of inflation easing but also because of the risk high rates pose to economic growth. XAU/USD short-term technical outlook From a technical perspective, the daily chart for XAU/USD suggests the bearish potential remains limited. The pair found an intraday bottom at around the 23.6% Fibonacci retracement of the June/July rally at $2,438.
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