Gold continues to trade near the $2,000 level, lacking solid conviction to break higher.
Gold remains around the $2,000 area with a bullish bias. A quiet week ahead could see Gold approaching record highs if US yields continue their decline. The yellow metal is not risk-free and could suffer sharp corrections. The risk remains tilted to the upside as US yields pull back. However, as fundamental factors still favor the US economy over other economies, the Greenback could see its losses limited, which in turn, would keep XAU/USD at risk of sharp corrections.
Regarding what the Fed will do next, and more importantly, for how long it will keep interest rates at sufficiently restrictive levels, inflation data will be crucial. The following Consumer Price Index report is due on November 14, and the last Federal Open Market Committee meeting of 2023 is scheduled for December 12-13. The more confident the market becomes that the Fed will not raise interest rates further, the more upside potential Gold has if US yields remain steady.
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