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Gold steadies above key support ahead of Fed decision
Gold (XAU/USD) is currently trading at $2,388.97 after reaching an intraday high of $2,391.99. The precious metal found support at $2,376.50, with the 50-day moving average at $2,358.53 and the 100-day moving average at $2,328.42 providing further support levels.
The upcoming Federal Reserve rate decision is a critical factor influencing gold prices. Investors are cautiously optimistic, with the Fed's stance on interest rates likely to impact gold's appeal as a safe-haven asset. Recent inflation data has shown some cooling, but uncertainty remains high.
Gold's price action suggests potential for further gains if it holds above current support levels. Traders should watch for any shifts in the Fed's policy stance, as this could lead to significant moves in the gold market.
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