Gold price holds the previous rebound near $2,170 ahead of key US data.US Dollar keeps losses amid weak US Treasury yields, mixed risk sentiment.Gold price looks to regain upside traction amid a bullish daily technical setup.
Gold price is treading water near $2,170 early Tuesday, consolidating the previous rebound to the $2,181 level. The US Dollar (USD) licks its wounds, market sentiment appears mixed and US Treasury bond yields fail to sustain Monday’s upswing.
Continued efforts by the Chinese authorities to the Yuan and the ongoing recovery in the Japanese Yen keep the downbeat tone intact around the US Dollar, helping Gold price stay afloat. The People’s Bank of China (PBOC) set the USD/CNY reference rate weaker-than-expected for the second day in a row while the Yen continues to draw support from the verbal intervention from Japanese officials, especially after USD/JPY touched the year-to-date (YTD) high of 151.86 on Friday.
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