The upward trend in gold prices is almost confirmedDear couriers! Gold prices (XAU/USD) attracted some selling on Tuesday and fell to the $2,316-$2,315 area, back near multi-week lows touched the previous day following modest strength in the US Dollar (USD).
However, the USD's recovery efforts from its lowest level in more than two months have lacked continuity as more and more people accept that the Federal Reserve (Fed) will begin cutting interest rates later this year, supported by weaker US macro data Expectations have U.S. Treasury yields moving lower, which in turn is expected to benefit the non-yielding yellow metal during the European session on Wednesday.
It is expected that in the coming time, the upward trend of gold will continue, geopolitical risks stemming from the ongoing conflicts in the Middle East are the factors driving this increase. It is predicted that by the end of this week, the gold price will trade in the range of 2372-2310 USD/ounce.