Gold (XAU/USD) trades in the $2,470s on Wednesday as it continues consolidating after its August rally.
Gold is consolidating under chart resistance as falling US yields and a tense geopolitical backdrop support the metal. Upside may be limited, however, by overextended positioning. The precious metal is at the top of a range-bound consolidation, with the short-term trend biased to extend sideways. Gold trades in the $2,470s on Wednesday as it continues consolidating after its August rally. Falling US bond yields helped stimulate the rally as these are negatively correlated to Gold .
“This contrasts sharply with the early-year set-up, which featured a historic underpositioning that ultimately led to strong price performance. As safe-haven flows subside, several speculative cohorts' positions may be vulnerable to a reprice in lofty Fed expectations,” continues Ghali.
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