The precious metal closed bearish by Wednesday’s close of business. This came amid the Fed’s forward guidance which was less dovish than expected. Gold prices had previously priced in the Fed rate cut and maintained gains in anticipation that further rate cuts could be required down the line.
XAUUSD Could Turn Flat
Following Wednesday’s price action, gold prices have touched down to the lower support at 1404. This could potentially keep the precious metal to move flat in the near term. The upper resistance at 1431–1428 could keep a lid on the gains. A breakout from either of these levels is required to establish further direction.
