Commodities Analysis by Fawad Razaqzada covering: XAU/USD, Gold Futures, US Dollar Index. Read Fawad Razaqzada's latest article on Investing.com
Fed and the July jobs report could put pressure on the US dollar, potentially benefiting gold prices.Meanwhile, the technical path of least resistance remains to the upside for the precious metal, making it an ideal long candidate from a trading point of view.The Fed may take a more dovish stance at this week’s meeting, reflecting recent comments by FOMC officials and weak US economic data.
Short-term support at approximately $2,360 was tested on Friday, with the metal forming an inside bar formation on the daily chart. Maintaining this level is crucial to preventing a deeper correction. Breaking above $2,450 could lead to a continuation towards $2,500, the next psychologically significant level, given the absence of prior reference points above the all-time high of $2,483.The current week presents a crucial juncture for gold, influenced by central bank decisions and key economic data. The technical and fundamental outlook remains bullish, with the potential for significant price movements based on upcoming events.
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