Gold (XAUUSD) and Silver Analysis: Consolidation Patterns Point to Next Big Move

Gold (XAUUSD) and Silver Analysis: Consolidation Patterns Point to Next Big Move

From fxempire.com

Gold (XAUUSD) consolidated in a tight range last week and showed price uncertainty at the edge of an ascending triangle. A dovish tone from Fed Governor Christopher Waller increased market uncertainty and heightened market expectations for a rate cut in July. This sentiment pushed XAU/USD to $3,353. However, the price was unable to close the week above $3,370, which keeps the gold price within the consolidation phase. The dovish outlook continues to support gold despite these consolidations. Moreover, the University of Michigan’s survey boosted optimism, with consumers expecting lower inflation ahead. The chart ... (full story)

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