Gold Price (XAU/USD) stays firmer at the highest level in three weeks despite making rounds to $1,937-38 amid early hours of Wednesday’s Asian session
Sustained upside break of $1,910 support confluence, softer US Dollar favor XAU/USD bulls.US ADP Employment Change, PCE details and Q2 GDP eyed for intraday directions of XAU/USD.
It’s worth noting that the mostly downbeat US data fuelled fears of the Fed’s September policy pivot. With this, the CME’s FedWatch Tool signals 16% chance of a rate hike versus 20% prior. The same propelled Wall Street and weighed on the US Treasury bond yields, as well as the US Dollar. That said, the Wall Street benchmarks rose for the third consecutive day while the US 10-year Treasury bond yields dropped to the lowest level in 13 days by the end of Tuesday’s North American trading session.
Adding strength to the upside bias about the XAU/USD are the bullish signals of the Moving Average Convergence and Divergence indicator and the firmer Relative Strength Index line, placed at 14, not overbought.Fibonacci
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