XAU slightly down after US session
Gold prices fell but remained near their recent record highs, supported by a weaker US dollar and rising expectations of a rate cut at the September meeting following dovish comments from Federal Reserve Chairman Jerome Powell.
Traders have now fully priced in a rate cut next month, with a 64% chance of a 25 basis point cut and a 36% chance of a 50 basis point cut, according to the CME FedWatch tool.
Zaner Metals senior metals strategist Peter A. Grant said that rate expectations and safe-haven demand due to concerns about Middle East tensions could push gold prices higher in the short term, and forecasted that XAU/USD could move towards $2,600/ounce.
Traders have now fully priced in a rate cut next month, with a 64% chance of a 25 basis point cut and a 36% chance of a 50 basis point cut, according to the CME FedWatch tool.
Zaner Metals senior metals strategist Peter A. Grant said that rate expectations and safe-haven demand due to concerns about Middle East tensions could push gold prices higher in the short term, and forecasted that XAU/USD could move towards $2,600/ounce.
Nota
SELL XAU 2508
TP1: 2501
TP2: 2493
SL: 2515
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