Chart: Gold (XAU/USD) Still Stuck in a Range!

Gold has come close to record highs in recent days, but appears to be struggling to break out of the consolidation.

Check out these inflection points I’m tracking!

Gold (XAU/USD) Hourly Forex Chart from TradingView

All this talk about the size of the Fed’s potential September rate cut seems to be keeping this precious metal on the sidelines!

Market players are closely watching US data points these days, trying to gauge whether the FOMC is about to announce a standard 0.25% cut in borrowing costs or a larger cut of 0.50% later in this month.

With that, changing expectations have seen this anti-USD asset bounce back and forth between support around $2,475 and resistance at $2,525 near R1 ($2,527.37).

Maybe the future US CPI release keep gold prices in this range?

Remember that directional biases and market price volatility conditions are usually driven by fundamentals. If you haven’t done your homework on the US dollar and gold yet, then it’s time to check the economic calendar and stay up to date with the daily fundamental news!

XAU/USD has rallied so far this week, once again climbing within striking distance of range resistance.

Watch for reversal candlesticks around this area, which could attract gold bears and send the precious metal back into the zone of interest around $2,500 and the pivot point level or to the lower end of the range.

Likewise, keep an eye on long green candlesticks, which suggest an upward pullback from range resistance, as these could convince gold bulls to charge to new highs.

Remember to practice proper risk management and be aware of top market catalysts when trading it. Luck!