The gold price (XAU/USD) rebounds despite the consolidation of the US Dollar (USD) on Tuesday.
Gold price trades on a stronger note on Tuesday. Any signs of sticky inflation might further diminish expectations of US interest rate cuts this year, pressuring yellow metal. The US PPI report for April and Fed Chair Jerome Powell's speech will be in the spotlight on Tuesday. The gold price rebounds despite the consolidation of the US Dollar on Tuesday. The upside of yellow metal might be limited as traders might wait on the sidelines ahead of key US inflation data this week.
On the other hand, the crucial support level will emerge around the $2,325–$2,340 zone, portraying the confluence of the resistance-turned-support level and the 100-period EMA. The breach of this level will expose a low of May 2 at $2,281. US Dollar price today The table below shows the percentage change of US Dollar against listed major currencies today. US Dollar was the weakest against the Pound Sterling. USD EUR GBP CAD AUD JPY NZD CHF USD 0.06% 0.05% 0.12% 0.14% 0.13% 0.15% 0.06% EUR -0.
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