Gold prices have declined, with the XAU/USD pair trading below the $2,500 level. The market’s focus remains on the Federal Reserve’s monetary policy outlook, with expectations for interest rate cuts in September increasing.
The US Dollar’s recovery has put downward pressure on gold, as the precious metal is negatively correlated with the US Dollar. The release of US economic data, including the Nonfarm Payrolls report, could provide further insights into the Fed’s decision-making.
XAU/USD Technical Outlook
Gold prices have broken below the base of a mini-range, indicating a potential for further declines. The 2,470 level could act as a key support, with potential for further downside if the pair breaks below this level.
