Gold Eyes Fed Clues for Breakout

Fed statements and upcoming data releases for clues about the Fed's roadmap are expected while the current market sentiment leans towards a rate cut in September. Gold, which positively prices in a potential low-interest environment, continues to move sideways. If this range breaks upwards, 2330 will be the first resistance level, followed by 2355 and 2390. Conversely, if there's a downward breakout, the initial support will be at 2305, followed by 2280. A breach of this level could deepen the retracement, with the third support level at 2255 to be monitored in case of a breakout.