Gold prices increase despite a slight rise in the US Dollar following mixed PMI data. Investors await the Fed’s interest rate decision and economic projections, expecting a 25 bps cut on Wednesday. The market speculates on the Fed's future monetary policy amid potential inflationary pressure from Trump policies. Gold prices edge slightly higher during the North American session at the beginning of the week, up by 0.28%, as investors await the Federal Open Market Committee decision.
” Technical outlook: Gold price retreats, sellers eye 100-day SMA The Gold price uptrend remains intact, yet trades off last week’s lows beneath the 50-day Simple Moving Average of $2,670. The Relative Strength Index breached below its neutral line, indicating that sellers are in charge. If Gold prices drop below $2,650, the next support would be the 100-day SMA at $2,600. On further weakness, the next stop would be the August 20 peak at $2,531.