Gold Price Forecast: XAU/USD slips towards $1,700 inside bullish channel, US inflation eyed – by anilpanchal7 Gold XAUUSD RiskAppetite Inflation China
ng that the yellow metal’s weakness during Tuesday’s Asian session takes clues from the market’s cautious mood ahead of the key US inflation data, as well as mixed concerns surrounding China.
It’s worth noting that China’s return from the long weekend and its status as among the world’s biggest gold consumers highlight a cautious mood, as well as profit-booking, during the Asian session. Against this backdrop, the US 10-year Treasury yields retreat from a three-month high, down two basis points to 3.34%. Even so, S&P 500 Futures and the data for August, expected to ease to -0.1% MoM versus 0.0% prior, will be important for fresh clues. Should the data renew reflation woes, the further downside of the XAU/USD can’t be ruled out.Gold price drops back below the 100-SMA while reversing from a one-week-old ascending trend channel’s resistance line.
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