XAUUSD - The downtrend still continues!

Hello everyone, it's Brian here. Today, gold prices have stabilized around $2,300. Factors contributing to this stability include positive market sentiment, falling U.S. Treasury yields, and a weaker U.S. dollar. Traders are still digesting remarks from Federal Reserve Chairman Jerome Powell, as well as the central bank's decision to maintain interest rates. Additionally, recent data shows a slight decrease in the U.S. trade deficit and a tightening labor market.

Currently, XAU/USD is trading at $2,300, reflecting a 0.60% decrease. Expectations for a more hawkish stance from the Fed were unmet, as they continued to hold a neutral viewpoint. The central bank also announced a slowdown in the pace of its Quantitative Tightening (QT) program.

Personal Insight
Gold prices are in a SIDWAY zone, fluctuating between $2,260 and $2,330, and are trending downward as the market eagerly anticipates the Non-Farm Payrolls data later today.