Gold (XAU/USD) continued its sideways consolidation throughout the first half of the European session on Wednesday and remained near all-time highs. Growing acceptance that the US Federal Reserve (Fed) will cut interest rates this month limited the US Dollar's (USD) recovery and continued to act as a driver for the non-yielding yellow metal. Furthermore, ongoing trade-related uncertainty benefited the precious metal's safe-haven status and helped limit declines.
However, gains remained limited as bullish investors appeared reluctant to place new bets amid highly overbought conditions. Furthermore, traders preferred to await the release of the US Nonfarm Payrolls (NFP) report on Friday for further clues on the Fed's rate cut path. This will influence short-term USD price dynamics and determine the direction of gold's next move. Meanwhile, JOLTS Job Openings may provide some impetus for XAU/USD. (alg)
Source: FXstreet
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