Gold Recovers Following Fed Rate Cut
Gold prices have recovered after a brief pullback following the Federal Reserve's (Fed) rate cut decision. The Fed cut interest rates by 50 basis points (bps), which was largely expected by markets.
Economic Outlook
The Fed's economic projections remain relatively unchanged, with a slight downward revision to GDP growth forecasts. However, the Fed expressed concerns about potential weakness in the labor market.
Technical Analysis
Gold prices are trading near $2,580, with a bullish trend in the short, medium, and long-term. The Relative Strength Index (RSI) is not yet in the overbought zone, suggesting potential for further upside.