Gold price forecast: XAU is on the cusp of a strong breakout

Gold price has had an exceptional year in 2024; rallying by over 25% year to date. So exceptional was its performance that it hit a fresh all-time high at $2,790 an ounce in late October. It has since erased some of those gains as a hawkish Fed weighed on the precious metal in favor of the US dollar and interest-yielding assets like the US Treasuries. Last week, the bullion dropped to a one-month low at $2,583 before rebounding to trade at $2,624 as at the time of writing. The metal may trade within a range as investors await fresh catalysts. A look at its daily chart shows the 20 and 50-day EMAs joining at $2,640. ...