Gold price (XAU/USD) struggles to capitalize on the previous day's modest gains and oscillates in a narrow band around the $2,170 level during the Asian session on Tuesday.
Gold price struggles to gain any meaningful traction, though the downside seems cushioned. The Fed projected three rate cuts in 2024, which undermines the USD and continues to lend support. Tuesday’s US macro data to provide some impetus ahead of the US PCE Price Index on Friday. Gold price struggles to capitalize on the previous day's modest gains and oscillates in a narrow band around the $2,170 level during the Asian session on Tuesday.
Technical Analysis: Gold price seems poised to climb further, $2,147-2,146 holds the key for bulls From a technical perspective, weakness below the overnight swing low, around the $2,164-2,163 region, is likely to find some support near the $2,156-2,155 area ahead of the $2,147-2,146 horizontal zone. A convincing break below the latter could drag the Gold price further towards the next relevant support near the $2,128-2,127 zone en route to the $2,100 round figure.
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