Gold Pulls Back as Fed Cut Expectations Boost USD - XAU/USD Under Pressure
Gold prices retreated from recent highs as recalibrated Federal Reserve rate cut expectations provided support for the US dollar, with XAU/USD declining 0.8% to $2,015 per ounce. The precious metal faced selling pressure after the Fed's latest projections suggested a more measured approach to monetary easing than previously anticipated by markets. Dollar index futures climbed 0.4% to 103.20, creating headwinds for dollar-denominated commodities. EUR/USD fell 0.35% to 1.0920, while USD/CAD advanced 0.25% to 1.3450 amid the broader dollar strength. Technical analysis shows gold testing support at the 50-day moving average near $2,010, with resistance now established at $2,035. The shift in rate expectations has reduced gold's appeal as a non-yielding asset, though geopolitical tensions continue to provide underlying support for safe-haven demand.
Related Symbols:
EURUSD
USDCAD
XAUUSD
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