The precious metal remained stuck in a range near the highs above 1400 for four consecutive weeks. Equity markets meanwhile pushed higher as the US corporate earnings get underway. Markets remain muted as investors wait for the Fed meeting due to take place in late July. The prospects for a Fed rate cut look to be priced into the precious metal currently.
Will XAUUSD Maintain the Sideways Range?
Price action has moved into the upper end of the range, trading within 1423 and 1404 levels. A breakout above 1423 is required on a daily basis in order to confirm the upside. However, considering the flat price action near the highs, we expect to see a correction lower in the near term. The breakdown below 1404 will trigger a move to 1383.50.
