GOLD XAUUSD Chart Technical Outlook is likely to consolidate below $2,650 in a more cautious market
Gold prices (XAU/USD) are pulling back from record highs at $2,540 with the broader bullish trend intact. The precious metal might go through a moderate correction today, not a sharp reversal, as hopes of further Fed easing and the escalating tensions in the Middle East are supportive.
The pair is expected to consolidate today with investors analyzing Fed speakers, with special interest on Chairman Powell, on Thursday and Friday’s PCE Inflation data to assess the size of October’s rate cut.
In this context I see the pair consolidating below $2,650 and $2,670. Downside attempts will be contained above $2,615. Below here, the next target is $2,600.
