Gold Price bounces off multi-month-old support line as US Dollar ended three-week uptrend on a softer note.
Gold Price begins the week comprising the key United States inflation without much surprises as it defends the previous day’s corrective bounce off an important support line, mainly backed by mixed US employment report, during early Monday in Asia. In doing so, the XAU/USD seesaws near $1,943, flirting with the 50-DMA hurdle.
Downbeat sentiment provides tailwind to US Dollar even as mixed United States data, US credit rating downgrade prod Fed hawks.
US inflation will be crucial amid easing concerns about Federal Reserve’s September rate hike, downbeat CPI can propel XAU/USD rebound.
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