Gold price (XAU/USD) attracts some buyers for the third straight day on Wednesday and touches a fresh weekly high, around the $2.520-2,521 region during the Asian session.
Gold price climbs to a fresh weekly top and draws support from a combination of factors. The cautious market mood benefits the safe-haven XAU/USD amid a modest USD downtick. Traders refrain from placing aggressive bets ahead of the release of the crucial US CPI report. Gold price attracts some buyers for the third straight day on Wednesday and touches a fresh weekly high, around the $2.520-2,521 region during the Asian session.
The said area marks the top boundary of a multi-week-old trading range and should act as a key pivotal point. Some follow-through buying, leading to a subsequent strength beyond the $2,532 area or the all-time peak, will be seen as a fresh trigger for bullish traders. Given that oscillators on the daily chart are holding in positive territory and are still away from being in the overbought zone, the Gold price might then resume its recent well-established uptrend.
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