XAU/USD Prediction: Bullish Outlook
Fundamental Analysis:
Gold (XAU/USD) remains steady above $2,400. Market focus is on upcoming Fed policy and the FOMC meeting. Recent economic data, including the JOLTS report and Consumer Confidence Index, have influenced price movements. The Bank of Japan may also impact market dynamics with potential rate hikes.
Technical Analysis:
Daily Chart: Gold is trading just below the 20-day moving average, but the longer-term trend remains positive.
4-Hour Chart: The metal is above the 50% Fibonacci retracement level at $2,388.25, showing a bullish near-term bias.
Summary:
Gold’s technical indicators and fundamental factors suggest a bullish outlook. Watch for central bank updates and FOMC decisions as they could drive further price movements.
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