Gold prices have remained in a sideways trend between $2358 and $2432 over the past week. This lack of momentum is influenced by fading expectations of interest rate cuts due to rising inflation concerns and cautious central bank approaches. Geopolitical tensions, particularly in the Middle East, add uncertainty. The upcoming FOMC meeting will provide further insight into monetary policy. Any escalation in geopolitical tensions could trigger a breakout below the key level of $2341, potentially reaching $2522. Additionally, recent activity in the Commitments of Traders report suggests a shift in market sentiment. Monitoring economic indicators, central bank decisions, and geopolitical developments will be key to predicting gold price movements.
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