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GOLD: Intraday Analysis & Forecast

Gold prices held steady on Monday, as the dollar extended its slide on expectations that the Federal Reserve was done raising interest rates, while investors awaited for minutes of the Fed’s latest meeting due this week.

“We’ve seen a pretty significant narrative shift over the last week or so in the markets on the Fed policy and when the Fed will cut interest rates first and how aggressively it will be cutting rates,” said Kyle Rodda, a financial market analyst at Capital.com. “On the flip side, seeing a fairly significant divergence in terms of where gold is trading at the moment with real yields… we’re going to need much weaker data from here to really kind of catalyze that move above $2,000 per ounce.”

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