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The "yellow metal" quotes continue to move within a narrow range of 2631.85-2672.85. A decrease in expectations for a more aggressive easing of the Federal Reserve's monetary policy could lead to a local correction in the gold market.
Gold is currently trading near the lower boundary of the range, and a breakout could trigger stop-loss orders and lead to further price declines. In the current situation, there seems to be a lack of interest—especially among central banks—in buying at these levels. The market's shift in focus from an aggressive Fed rate cut of 0.50% to 0.25% will put pressure on gold prices.
The price is at the lower line of the Bollinger Bands, below the SMA 5 and SMA 14. The RSI is below the 50% level and is pointing downward. Stochastics are currently uninformative.
A price drop below the support level of 2631.85 could lead to a decline toward 2592.75, corresponding to a 38% Fibonacci retracement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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