Gold extended its uptrend for the second consecutive day on Wednesday, reaching a three-week high of $2,390. This rise followed data from the U.S. Bureau of Labor Statistics showing a decline in inflation, increasing the likelihood that the Federal Reserve will cut interest rates in 2024.
The daily chart of the XAU/USD pair shows a dominant uptrend, although the certainty of a more solid recovery remains unclear. Technical indicators are in positive territory with uneven strength, but they are at multi-week highs, which supports the continuation of the upward trend.
The daily chart of the XAU/USD pair shows a dominant uptrend, although the certainty of a more solid recovery remains unclear. Technical indicators are in positive territory with uneven strength, but they are at multi-week highs, which supports the continuation of the upward trend.
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