Gold price (XAU/USD) has been trending lower after facing rejection near the very important 200-day Simple Moving Average (SMA) last week and continues losing ground for the third successive day on Wednesday. This also marks the sixth day of a negative move in the previous seven and drags the commodity to its lowest level since August 22, around the $1,895 region during the early European session.
The US Dollar (USD) touches a fresh 10-month peak and continues to draw support from the Federal Reserve's (Fed) higher-for-longer narrative, which, in turn, is seen weighing on the Gold price. Furthermore, the recent comments by Fed officials reinforced bets for at least one more rate hike by the end of this year. That said, a sharp pullback in the US Treasury bond yields is holding back the USD bulls from placing fresh bets.
XAUUSD SELL : 1894
TARGET : 1880
The US Dollar (USD) touches a fresh 10-month peak and continues to draw support from the Federal Reserve's (Fed) higher-for-longer narrative, which, in turn, is seen weighing on the Gold price. Furthermore, the recent comments by Fed officials reinforced bets for at least one more rate hike by the end of this year. That said, a sharp pullback in the US Treasury bond yields is holding back the USD bulls from placing fresh bets.
XAUUSD SELL : 1894
TARGET : 1880
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