Product: XAU/USD
Prediction: Increase
Fundamental Analysis: Gold prices are holding steady near a record high, supported by a weakening US Dollar and expectations of a US interest rate cut in September. Investors are looking ahead to the release of the Federal Open Market Committee minutes, which could provide further clues about the Fed's thinking on interest rates. However, market participants are already expecting a rate cut in September, so the minutes are unlikely to have a significant impact on the US Dollar or gold prices.
Technical Analysis: Gold prices are still on an upward trend, despite a recent dip from record highs. The price is above all its moving averages, which are still sloping upwards. The 20-day Simple Moving Average is currently at $2,492.70, while the 100-day SMA is at $2,439.60. Technical indicators suggest that the recent dip is likely a correction and that the price is likely to continue moving higher. The Relative Strength Index is currently at 65, indicating that the price is still in a strong upward trend
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