Gold price (XAU/USD) registered strong gains of over 1% on Monday and settled above the mid-$1,800 in the wake of concerns about the geopolitical tens
Gold price advances to over a one-week high during the Asian session on Tuesday. Geopolitical tensions in the Middle East and retreating US bond yields lend support. A positive risk tone caps gains as traders look to the FOMC minutes and the US CPI. ions in the Middle East.
A convincing break below the latter will suggest that the corrective bounce has run its course and drag the Gold price to the $1,820 support en route to the multi-month low, around the $1,810 zone. Furthermore, the occurrence of a death cross on the daily chart, wherein the 50-day SMA is holding well below the 200-day SMA, warrants caution for bullish traders and before positioning for further gains.
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