Gold Price Forecast: XAU/USD eases below $5,300 with the bullish trend intact

LONDON (January 28) Gold (XAU/USD) is trading higher for the eighth consecutive day on Wednesday. The precious metal, however, has pulled back from all-time highs at $5,311 in the European session, returning to the mid-$5,200s as investors take positions ahead of the US Federal Reserve’s monetary policy decision.

The Fed is almost certain to leave interest rates at the current 3.50%-3.75% range and hint at a steady monetary policy in the coming months. This event takes place amid unprecedented pressure from the Administration to lower interest rates and speculation that US President Trump might steal the show by disclosing the name of the next Fed Chair.

FXStreet