Gold price remains confined in a familiar range, just above $1,700 mark – by hareshmenghani Gold Commodities CentralBanks Inflation XAUUSD
Moreover, the minutes from the Reserve Bank of Australia policy meeting released earlier this Tuesday indicated that further increases in interest rate will be needed to return inflation to the target over time. This comes a day after
Gold price, so far, has struggled to register any meaningful recovery from a nearly one-year low touched last week, suggesting that the near-term risks remain skewed to the downside. Hence, any attempted recovery beyond the $1,725-$1,726 immediate resistance might still be seen as a selling opportunity. This, in turn, should cap the XAUUSD near the $1,734-$1,735 horizontal resistance.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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