Product: XAU/USD (Gold)
Prediction: Bullish
Fundamental Analysis:
Gold traded within a narrow range during Thursday's Asian session as traders awaited US consumer inflation data. This data will provide insights into potential Federal Reserve interest rate cuts.
Technical Analysis:
Technically, XAU/USD shows upside potential. The daily chart indicates the pair is trading above all key moving averages, with the 20-day Simple Moving Average (SMA) showing bullish momentum around $2,338.
Technical indicators suggest neutral momentum but remain in positive territory, indicating a lack of selling pressure.
This summary highlights the bullish outlook for XAU/USD, combining fundamental insights with technical analysis to provide a clear view of current market conditions.
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