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📈 Product: XAU/USD
📈 Prediction: Increase
✨ Fundamental Analysis:
Gold prices surged on Wednesday following the Federal Reserve's indication of a potential rate cut by September. This, coupled with the drop in US Treasury yields and the US dollar hitting its lowest level since mid-July, has made the non-yielding yellow metal even more appealing.
Investors are eagerly awaiting the Fed's monetary policy decision later today. Meanwhile, rising geopolitical tensions in the Middle East, particularly fears of escalation between Israel and Iran, have driven investors towards safe-haven assets like gold. The weakening dollar and declining yields are adding fuel to gold's ascent.
📊 Technical Analysis:
Gold is trading within a slightly rising channel on the daily timeframe, showing a sideways range for over three months. The 50-day Exponential Moving Average (EMA) around $2,366 continues to support the gold bulls. The 14-day EMA oscillates between 40.00-60.00, reflecting market indecision.
A breakout above the all-time high of $2,483.75 would signal fresh upside momentum and take gold into uncharted territory. On the downside, support is seen near the upward-sloping trendline around $2,225, which originates from the October low near $1,810.50. The overall technical picture suggests gold is in a consolidation phase in the near term.
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