Spot Gold at $2,040 per ounce faced downward pressure as the US Dollar rebounded, driven by profit-taking ahead of key data releases.
Despite the Dollar's resurgence, ongoing weakness persists due to market optimism surrounding the Federal Reserve's potential pause in tightening measures.
Conflicting perspectives within the Fed—expressed by Bostic's confidence in waning inflation and Barkin's cautious stance on rate hikes—add uncertainty.
With US bond yields at multi-week lows and attention turning to forthcoming inflation data, Gold's path hinges on indications of easing price pressures, set to influence market sentiment and the demand for the USD.
On Wednesday, XAU/USD moved in consolidation and currently moving between the middle and upper band of the Bollinger Bands.
Current movement create a possibility that the price might goes higher and reach back to the upper band.
The Relative Strength Index (RSI) is lower to 69, reflecting a bullish outlook for this pair is still intact.
Resistance: $2,052, $2,079
Support: $2,038, $2,012
Despite the Dollar's resurgence, ongoing weakness persists due to market optimism surrounding the Federal Reserve's potential pause in tightening measures.
Conflicting perspectives within the Fed—expressed by Bostic's confidence in waning inflation and Barkin's cautious stance on rate hikes—add uncertainty.
With US bond yields at multi-week lows and attention turning to forthcoming inflation data, Gold's path hinges on indications of easing price pressures, set to influence market sentiment and the demand for the USD.
On Wednesday, XAU/USD moved in consolidation and currently moving between the middle and upper band of the Bollinger Bands.
Current movement create a possibility that the price might goes higher and reach back to the upper band.
The Relative Strength Index (RSI) is lower to 69, reflecting a bullish outlook for this pair is still intact.
Resistance: $2,052, $2,079
Support: $2,038, $2,012