Spot Gold kept rallying on Tuesday, peaking at the beginning of the day at $2,304.81 a troy ounce, a fresh record high.
XAU/USD Current price: $2,292.40 Fed eral Reserve’s speakers keep cooling hopes for multiple rate cuts this year. Investors are now waiting for the United States March Nonfarm Payrolls report. XAU/USD could extend its near-term decline, but bulls still hold the grip. The bright metal benefited from the broad US Dollar’s weakness as Fed eral Reserve officials aligned beyond Chairman Jerome Powell and worked on cooling hopes for soon-to-come rate cuts.
A better-than-anticipated outcome will help the USD recover ground ahead of the weekly close, although softer-than-expected figures could push XAU/USD beyond the mentioned record high. XAU/USD short-term technical outlook The daily chart for XAU/USD shows it finally gave up some ground after rallying for seven straight days. The case for a bearish correction gains strength as technical indicators started retreating from extreme overbought levels. An interim top can not be confirmed yet.
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