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Gold Price Forecast: XAU/USD appreciates beyond $4,200 amid higher Fed cut bets
Gold is trading higher for the fifth consecutive day on Wednesday, attempting to confirm the breach of the $4,200. The precious metal is trading at $4,193 at the time of writing, after having hit a fresh all-time high at $4,218 earlier on the day. Bullion is drawing support from a softer US Dollar on Wednesday, following dovish comments by the Fed Chairman Jerome Powell at a speech in Philadelphia. Powell reiterated that the labour market deterioration is more concerning than inflation right now, which practically confirms a rate cut in October and raises expectations of another one in December. The technical picture ... (full story)
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