The gold price is attempting to rebound after two days of declines in a backdrop dominated by expectations of a rate cut of 25 basis points at the upcoming FOMC meeting.
From a technical point of view, we would have a first bearish signal only below $1,480, while a rebound above $1,500 could open space for another recovery to $1,520. In other words, we have been in a wait and see scenario for the last few weeks, with investors already having priced in the current scenario and are now waiting for further market drivers in order to increase further or reduce their position. If prices can remain above $1,460-$1,470, the main trend remains positive, despite the recent weakness.
