Gold price is looking to build on the previous rebound above $2,400 in Asian trading on Wednesday, despite a buoyant tone seen around the US Dollar (USD) and the US Treasury bond yields.
Gold price consolidates the previous rebound above $2,400, as US PMI s grab attention. Risk-aversion, Treasury yields rebound continue to support the US Dollar. Gold price’s path of least resistance appears to the upside amid favorable technicals. Gold price is looking to build on the previous rebound above $2,400 in Asian trading on Wednesday, despite a buoyant tone seen around the US Dollar and the US Treasury bond yields.
Markets are currently pricing in a September rate cut, as futures show a 97% chance, according to the CME Group’s FedWatch Tool. All eyes also remain on the critical US Gross Domestic Product report for the second quarter on Thursday and Personal Consumption Expenditures inflation data for June on Friday for more Gold price action.
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