XAUUSD at the time of writing, prices are fluctuating around $2706, down 0.42% for the day, with not enough momentum to break the $2711 level.Meanwhile, buyers seem to have paused as the market prepares for the upcoming Producer Price Index (PPI) on Thursday. This report is expected to shed more light on the Federal Reserve’s rate-cut trajectory, keeping investors cautious.
While prices are currently hovering around a minor pullback, some fundamental factors suggest that any drop may only be short-lived. Treasury yields have steadily declined throughout the year, a trend that typically supports gold. Moreover, persistent geopolitical tensions remain a strong driver for safe-haven demand, reinforcing the allure of the yellow metal.
On inflation, while consumer prices have stopped rising aggressively, they remain stable. This stability makes it almost certain that the Federal Reserve will proceed with a 25 basis-point rate cut at its December 17-18 policy meeting. In fact, traders are pricing in a 96% probability of this move, up from 86% before the recent inflation report.
From a technical perspective, gold is attempting to escape its main range, breaking key resistance. The focus is on $2700 and $2670. If buyers hold their ground in this region even after the news, prices will continue to grow in the future, as key liquidity zones remain untested. This projected growth is expected to reach levels such as $2758 and $2790.
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