Gold jumped off last Friday’s low and benefitted from a weaker US Dollar on Monday.
Gold benefits from a weaker US Dollar, and edges up 0.45%, amid firm US Treasury bond yields. Investors eye the upcoming PCE Price Index, the Fed ’s preferred inflation measure, which could impact rate cut expectations. The US Dollar Index falls as the CME Fed Watch Tool indicates a 66% chance of a rate cut in September, up from 59.5%. On Friday, investors are bracing for the release of the Fed eral Reserve’s preferred gauge for inflation, the Personal Consumption Expenditures Price Index.
This further validates the Head-and-Shoulders chart pattern, meaning that further downside is expected for the non-yielding metal The XAU/USD next support would be $2,300. Once cleared, XAU/USD would fall to $2,277, the May 3 low, followed by the March 21 high of $2,222. Further losses lie underneath, with sellers eyeing the Head-and-Shoulders chart pattern objective from $2,170 to $2,160.
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