Bullish Sentiment in Gold Remains Weak, US CPI in Focus
Gold prices (XAU/USD) maintained their moderate intraday gains throughout the first half of the European session on Tuesday, albeit with less optimism as traders awaited the release of US consumer inflation figures.
This important data will play a key role in influencing expectations regarding the Federal Reserve's (Fed) interest rate cut path, which in turn will boost the US Dollar (USD) and provide a significant boost to the non-yielding yellow metal.
Gold prices at the time of writing were at $3,348/Toz.
- Buy if the price moves to around $3,355
- Sell if the price moves around $3,341
Resistance 2: $3,369
Resistance 1: $3,362
Support 1: $3,334
Support 2: $3,327
DISCLAIMER
Note: This article is analytical only and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id