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XAU/USD Editorial
GOLD FORECAST AND NEWS
Gold holds above $2,030 in choppy session
Gold price erased a large portion of its daily gains after meeting resistance near $2,040 in the European session on Tuesday. With the benchmark 10-year US Treasury bond yield struggling to gain traction ahead of US data, however, XAU/USD stays afloat above $2,030.

LATEST XAU/USD NEWS
Gold price clings to gains as Middle East tensions escalate, Fed policy hogs limelight
By Sagar Dua | 24 minutes ago
Gold Price Forecast: XAU/USD’s headwinds have recently come mainly from investors – Commerzbank
By FXStreet Insights Team | 11:42 GMT
Gold price touches two-week top as geopolitics and sliding US bond yields offset stronger USD
By Haresh Menghani | 09:01 GMT


Technical Overview
Chart Tools
Gold price rises to near $2,040, supported by geopolitical tensions. The precious metal has strengthened after delivering a breakout of the Symmetrical Triangle chart pattern formed on a daily time frame. A breakout of the aforementioned chart pattern indicates a volatility expansion, which results in wider ticks and heavy volume. The near-term appeal has turned bullish as price is sustaining strongly above the 20-day Exponential Moving Average (EMA).

However, the 14-period Relative Strength Index (RSI) oscillates in the 40.00-60.00 area, which indicates that momentum is weak.

Fundamental Overview
Gold price (XAU/USD) continues to advance amid the escalating Middle East crisis as US President Joe Biden has pledged to retaliate for unmanned aerial drone attacks on US service personnel near northeastern Jordan, near the Syrian border. Still, the precious metal could turn sideways as investors await the interest rate decision by the Federal Reserve (Fed), which will be announced on Wednesday.

Traders see the Fed holding interest rates in the range of 5.25%-5.50% amid consistently easing price pressures. Investors will focus on the timing at which Fed policymakers are comfortable for commencing the rate-cut campaign. The Fed is not confident yet that underlying inflation will sustainably return to 2% due to strong labor demand, robust Retail Sales, and a broadly upbeat economic outlook.
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