Gold retains bearish bias near $4,050 ahead of Fed week
XAU/USD holds near $4,050 after heavy losses on Thursday, with bearish sentiment persisting as markets await the Federal Reserve's policy decision. Despite the pullback, gold is poised to record its first weekly gain in several weeks.
Gold (XAU/USD) is trading around $4,050 in early Friday trading, nursing sharp losses from the previous session. The precious metal continues to exhibit a bearish bias as it enters a critical week dominated by the Federal Reserve's monetary policy announcement.
Despite the recent setback, gold remains on track to post its first weekly gain in recent weeks, offering a slight reprieve after a prolonged downtrend. The focus now shifts to the Fed's decision on interest rates and its forward guidance, which will likely determine the near-term trajectory for the yellow metal.
Source: FXStreet Forex News