Gold Futures Rise, Recovering Some Losses on Weaker Dollar
Gold retreated from near-record highs on Wednesday after U.S. inflation data, while positive, suggested that the Federal Reserve might implement smaller-than-anticipated interest rate cuts in September.
Technical Analysis: Gold
Current Outlook: The price hit our target perfectly and has since reversed. It is now attempting to reach 2,466, with a focus on the bullish volume above 2,475. Stability above this level could drive the price higher towards 2,493 and 2,525.
Bullish Scenario: The price is currently attempting to reach 2,466. A break above this level could activate a bullish trend, leading to 2,475, and further gains towards 2,493.
Bearish Scenario: As long as the price trades below 2,466 and 2,460, it remains in a bearish zone, potentially declining towards 2,442 and further down to 2,428.
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