Product: XAU/USD
Prediction: Increase
Fundamental Analysis:
Gold rose to $2,395 due to expectations of a Federal Reserve rate cut following soft US inflation data. Despite a brief drop below $2,400 due to profit-taking and concerns over China’s economy, gold’s outlook remains positive. Upcoming US core PCE inflation data may support gold prices.
Technical Analysis:
Gold sellers are currently in control, with the 14-day RSI below 50. Key support is at the 50-day SMA ($2,360) and $2,350. Immediate resistance is at $2,387, with potential recovery targets at $2,412 and $2,425. The market shows a volatile mix of buyer and seller activity around these levels.
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