This article examines gold’s outlook, analyzing potential scenarios that may emerge in the near future in light of the Fed’s monetary policy outlook and price action dynamics.
Factoring in recent gains, XAU/USD has risen more than 2% from last week’s lows near $1,985 set in the wake of hotter-than-anticipated U.S.Earlier in 2024, bullion's prospects looked brighter on the assumption that the Fed would deliver aggressive easing measures this year. However, overly dovish expectations have since moderated on account of strong U.S. labor market data and stagnating progress on disinflation.
Wondering how retail positioning can shape gold prices? Our sentiment guide provides the answers you are looking for—don't miss out, get the guide now! On the flip side, if sellers return and spark a bearish reversal off current levels, technical support emerges at $2,005, followed by $1,990. From here onwards, additional losses could result in a pullback towards $1,975. On further weakness, all eyes will be on the 200-day simple moving average.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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