Gold price is extending the previous decline toward $1,970 in early Tuesday, as the United States Dollar (USD) remains on a gradual recovery path amid a negative shift in risk sentiment.
Gold price extends losses as the US Dollar recovers amid a dour mood. Renewed US Treasury bond yields selling could lend support to Gold price. Gold price teases ascending triangle breakdown on the daily chart ahead of Fedspeak Traders await the return of the public appearances from the US Federal Reserve policymakers for a fresh trading impetus.
On Monday, Fed Governor Lisa Cook said that she hopes the central bank's current target interest rate is adequate to return inflation to the Fed's 2% target. Tuesday’s will see Fed Governor Christopher Waller and New York Fed President John Williams speaking and any hints on the path forward on interest rates will have a significant impact on the US Dollar, as well as, Gold price valuations. The bond market action will be also in focus.
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