Gold Nears Six-Month Highs; Fed Rate Cut Bets Support Bulls
Gold (XAU/USD) has broken through the $2,008-$2,010 resistance, reaching $2,018 on Monday, its highest since mid-May. Amid speculation of a Fed pause in tightening and expectations of rate cuts in 2024, the USD hit a three-week low, backing gold's recent uptrend from around $1,950. Global economic concerns favor traditional safe-havens, supporting gold's short-term outlook, though Asian stock market positivity acts as a hurdle. Bullish traders await the U.S. PCE Index release for a catalyst, with Consumer Confidence Index and FOMC speeches offering potential short-term opportunities on Tuesday. Overall, the short-term fundamental backdrop leans toward bullish sentiment.
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