Gold Price Forecast: XAU/USD consolidates weekly gains, with sight on $2,600 and beyond
Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar (USD) alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve (Fed) monetary policymakers for fresh hints on the central bank’s path forward on interest rates.
Gold price has moved at a high speed and rose from $2000 (which marked very strong resistance) to $2600 in about ten months.
At 11:38 GMT, XAU/USD is trading $2612.94, up $26.03 or +1.01%. U.S. Rate Cuts Boost Gold’s Appeal Gold’s rally was driven by the Federal Reserve’s recent decision to cut interest rates by 50 basis ...
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XAU/USD: Why Gold Prices Keep Rising and What’s NextAccording to the CME FedWatch tool, there is now a 93.3% chance that the Federal Reserve will lower its target range for the federal funds rate to 5% to 5.25% in September, down from the current 5 ...
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In its September meeting, the Federal Reserve cut interest rates by 50 basis points, lowering the target range to 4.75%-5%.
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