Gold holds steady within ascending triangle pattern as market anticipates Fed rate cuts

Gold is currently trading at $2,520.73, consolidating within an ascending triangle pattern on the 1-hour timeframe. The metal's price action is characterized by higher lows, reinforcing the bullish momentum, while facing strong resistance near $2,524.

Fundamentally, gold's steadiness is driven by expectations that the Federal Reserve may soon ease interest rates, following signs of cooling inflation. This potential dovish shift has kept the precious metal in demand as investors seek safe-haven assets amidst economic uncertainty. The market is now keenly awaiting the next Fed meeting, where any confirmation of rate cuts could propel gold to break out above the $2,524 resistance level, setting the stage for further gains.