Product: XAU/USD
Prediction: Increase
Fundamental Analysis:
Gold price oscillates in a narrow trading band during the Asian session on Thursday as traders opt to move to the sidelines ahead of the US consumer inflation figures. The crucial data will be looked for more cues about the likely timing when the Federal Reserve will start cutting interest rates.
Technical Analysis:
From a technical point of view, the risk in XAU/USD skews to the upside. The daily chart shows that the pair trades above all its moving averages, with a bullish 20 Simple Moving Average (SMA) gaining upward traction at around $2,338 while above the longer ones. Technical indicators, however, lack directional momentum but hold within positive levels, indicating sellers remain side-lined
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