- Previous Price Decline: Gold prices had previously declined, but buying interest was found around the $2,500 level. The stronger dollar and rising Treasury yields have put downward pressure on gold, encouraging profit-taking and risk reduction ahead of tomorrow's key PCE price index and next Friday's employment data. These reports could be decisive for the September FOMC meeting, causing gold prices to fluctuate amid the current uncertainty.
- XAUUSD Price Action: XAUUSD has recently narrowed its upward momentum as prices approached the upper boundary of the rising channel and the 100% Fibonacci extension near 2530. If XAUUSD continues to decline below 2530, a deeper pullback towards 2480 may occur. Conversely, if XAUUSD breaks above 2530, prices could extend the rally to 2570.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.