XAU Gold Daily Forecast: Resistance at $2,393 with Speculation of Fed Rate Cut

Welcome to Extreme Investor Network, where we bring you the latest updates and insights on the stock market, trading, and all things Wall Street. Today, we’re taking a closer look at the Gold price (XAU/USD) and how recent developments are impacting its movement.

Recently, the Gold price experienced some selling pressure during the early European session on Monday. This was partly due to official data released indicating that the People’s Bank of China (PBoC) paused its gold purchases for the second consecutive month in June. As China is the world’s largest consumer of bullion, this pause could have a negative impact on the Gold price.

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However, on the flip side, there is rising speculation that the US Federal Reserve (Fed) might cut interest rates in the third quarter. This speculation could actually support the non-yielding Gold price, as lower interest rates tend to make holding onto Gold more attractive. Additionally, political uncertainties in France, following exit polls suggesting a hung parliament from the French parliamentary elections, might drive investors towards safe-haven assets like Gold.

At Extreme Investor Network, we understand the importance of staying informed and ahead of the curve when it comes to trading and investing. Keep checking back for more unique insights and analysis that you won’t find anywhere else. Happy investing!

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