The precious metal was seen trading flat as investors are currently pricing in a rate cut from the Fed at the July meeting. The projected 25 basis point rate cut is expected at the Fed meeting due next week.
Will XAUUSD Break Out from the Range?
The gains in gold prices have been limited ever since prices rallied to post a six-year high. Since then, price has remained somewhat range-bound near the top end of the rally. The resistance is formed at 1423 and the support is seen at 1383. A breakout from this range is required in order for some trend to set in. The bias remains to the downside, for a correction toward 1341.
