XAU/USD is on a corrective decline after having been capped nearly $2,500 in mid-July. The pair has found significant support at the 61.8% Fibonacci retracement of the June-July bullish run, near $2,360, and the higher low printed last week suggests that the correction might have been completed.
The 4-hour Relative Strength Index (RSI) indicator is pulling higher and about to cross the key 50 level. The precious metal, however, might need an extra boost to breach the 2,400 resistance area. Soft data today and a dovish Fed would probably do it. The next target, in this case, would be $2,430.
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