Gold is consolidating just below $1,500 as investors await further inputs from Jerome Powell, the Fed and the other central banks. In the last few days the main focus has been the trade war but today we are back to the theme of central banks and dovish decisions. Markets are pricing in a rate cut by the Fed for September, while another 0.25% cut is expected for the meeting of December11th. Any different decision will move markets consequently.
From a technical point of view, we are seeing some temporary weakness on gold, but the main trend remains solid, with a first resistance placed at $1,535, the peak reached last week.
