Gold Price Holds Steady Amidst Market Uncertainty
Gold prices have remained relatively stable, trading near the $2,500 level. The US Dollar's recovery has put some downward pressure on gold, as the precious metal is negatively correlated with the US Dollar.
The market's focus remains on the Federal Reserve's monetary policy outlook, with expectations for interest rate cuts in September increasing. The upcoming release of US Nonfarm Payrolls data could provide further insights into the Fed's decision-making.
Gold Technical Outlook
Gold prices are currently trading within a narrow range, with potential for a breakout in either direction. A break above the August 20 high of $2,531 could signal a continuation of the upward trend, with a potential target at $2,550. However, a break below the August 22 low of $2,470 could indicate a short-term downtrend.