Gold Price Forecast: XAU/USD pressuring the upper end of its weekly range

XAU/USD Current price: $2,354.55 United States data came in mixed, but signs of persistent price pressures took centre stage. The Bank of Canada trimmed interest rates by 25 bps, focus shifts to ECB decision on Thursday. XAU/USD recovered the $2,350 level but seems unable to extend gains beyond its latest range. XAU/USD trades at the upper end of its weekly range, just above the $2,350 mark, following the release of mixed United States figures.

Meanwhile, the Bank of Canada trimmed the benchmark interest rate by 25 basis points as expected. Policymakers anticipated any additional decision would be made meeting by meeting. Governor Tiff Macklem later added that the economy faces a soft landing and that a restrictive monetary policy is still needed. The focus now shifts to the European Central Bank , which is expected to announce a 25 bps cut in each of the three main rates.

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