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US Gold price eyes a sustained break above US$2,050

Gold price is consolidating its two-day upswing near $2,050 early Wednesday.The US Dollar nurses losses with US Treasury bond yields despite less dovish Fedspeak.Gold price defended 21-day SMA support, and eyes a sustained break above $2,050.

Gold price is catching a breather near $2,040 early Wednesday, having tested multi-day highs at $2,048 on Tuesday. The US Dollar (USD) is licking its wounds in tandem with the US Treasury bond yields, keeping Gold buyers hopeful.

Gold price shrugs off Fedspeak, as dovish Fed pivot underpins.Even though the US Federal Reserve (Fed) policymakers are trying their best to push back against expectations of potential interest rate cuts next year, the market’s pricing for rate reductions remains unchanged, with odds for a March Fed rate cut seen at around 75% while a May cut is almost a done deal.

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