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Gold price stands tall near two-week high amid rising Fed rate cut bets
Gold price (XAU/USD) oscillates in a range during the Asian session on Friday and consolidates the previous day's strong move up to a two-week high, around the $2,360-2,365 area. The near-term bias, meanwhile, seems tilted in favor of bulls amid the case for interest rate cuts from the Federal Reserve (Fed) this year. The expectations were reaffirmed by softer US economic data released on Thursday, which added to the recent signs of a slowing economy. This, along with a convincing breakout through the 50-day Simple Moving Average (SMA), favors bullish traders and suggests that the path of least resistance for the ... (full story)