Gold (XAU) Daily Forecast: Prices Decline to $2,446; Potential Rebound on the Horizon?

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Bullish Gold Outlook Driven by Fed’s Dovish Stance and Weak Job Growth

Investors are closely watching the gold market as geopolitical tensions in the Middle East continue to support gold prices. The near-term outlook for gold remains bullish, fueled by expectations of an imminent Federal Reserve rate-cutting cycle.

The Federal Reserve’s dovish stance, announced recently, has led to a drop in U.S. Treasury yields and weakened the U.S. Dollar. Fed Chair Jerome Powell hinted at a possible rate cut in September if inflation remains steady, following a disappointing ADP report showing slower job growth and wage growth. These factors, along with weak job growth, support a bullish outlook for gold.

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With lower U.S. Treasury yields and a weaker USD, gold’s appeal is enhanced, and expectations of a Fed rate cut could drive gold prices higher in the near term. This presents unique opportunities for investors looking to diversify their portfolios and capitalize on market trends.

Middle East Tensions Push Gold Prices to Two-Week High

The recent escalation of tensions in the Middle East has further boosted gold’s appeal as a safe haven asset. Gold prices reached a two-week high on Thursday as conflicts in the region raised concerns about stability, prompting investors to turn to gold for security.

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