• Gold consolidates in a range amid investor uncertainty over when the Fed will cut interest rates. 
• Despite falling inflation, Fed officials are reluctant to commit to interest-rate cuts. 
• XAU/USD consolidates after breaching above a key trendline, invalidating the bearish H&S topping pattern that had been forming.  

Gold (XAU/USD) edges lower to chart support on Monday as it continues trading in the range it has been in since it peaked at its all-time high of $2,450 on May 20. 

Uncertainty over when the US Federal Reserve (Fed) will begin cutting interest rates keeps investors guessing and limits directionality. Most Fed officials have been reluctant to commit to a first-rate cut date until more data proves inflation is coming down sustainably. 

Gold is sensitive to interest rates because it is a non-interest-paying asset, so there is an opportunity cost to holding it. As such, it tends to benefit from more demand when interest rates are lower rather than higher.