Gold price (XAU/USD) struggles to capitalize on the previous day's bounce from a one-week low and meets fresh supply during the Asian session on Wednesday.
Gold price attracts some sellers as the risk-on mood undermines demand for safe-haven assets. The prospects for a slower Fed rate cut contribute to driving flows away from the XAU/USD pair. A softer USD and geopolitical risks could support the precious metal ahead of the US CPI report. Gold price struggles to capitalize on the previous day's bounce from a one-week low and meets fresh supply during the Asian session on Wednesday.
Gold price bulls have the upper hand while above $2,615-2,614 confluence support Technical indicators on the daily chart have been gaining positive traction and support prospects for the emergence of some dip-buyers near the $2,663-2,662 area. Some follow-through selling, however, could drag the Gold price to the next relevant support near the $2,336-$2,635 region.
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