Gold price makes a U-turn after diving to two-week lows of $2,353 edges higher some 0.80% as market participants seem secure the Federal Reserve will lower interest rates at the September meeting, following a soft inflation report.
Gold price bounces from daily lows of $2,356, now at $2,385. Fed's preferred inflation gauge shows mixed results, edging closer to the 2% target. US Treasury yields slump as bonds rally, signaling potential for multiple Fed rate cuts this year. The XAU/USD trades at $2,385 after bouncing off daily lows of $2,356.
A breach of the latter will expose the all-time high at around $2,483, followed by the $2,500 mark. On the flip side, if XAU/USD continues to edge lower and drop below the 50-day moving average at $2,359, further losses are on the cards. The next support would be the July 25 daily low of $2,353. Once those levels are removed, the 100-DMA would be up next at $2,324, ahead of diving to the $2,300 mark.
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