Gold price consolidates near all-time peak, holds comfortably above $2,600 mark
- Gold price pauses after the recent strong move up to a fresh all-time peak touched on Monday.
- The fundamental backdrop favors bullish trades and supports prospects for additional gains.
- Traders now look forward to the US PCE Price Index on Friday before placing directional bets.
Gold price (XAU/USD) extends its consolidative price move for the second straight day on Tuesday as bulls turn cautious after the recent rise to a fresh all-time peak touched the previous day amid slightly overbought conditions on the daily chart. The downside remains cushioned in the wake of bets for more aggressive easing by the US Federal Reserve (Fed), which caps the US Dollar (USD) recovery from the YTD peak touched in reaction to a jumbo rate cut last week.
Apart from this, persistent geopolitical risks stemming from the ongoing conflicts in the Middle East, along with the US political uncertainty ahead of the November election and worries about an economic slowdown, should underpin the safe-haven Gold price. That said, the underlying bullish tone across the global equity markets keeps a lid on the safe-haven XAU/USD, ahead of this week's release of the US Personal Consumption Expenditures (PCE) Price Index on Friday.
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