Gold is attempting a tepid rebound around $1735 from five-month lows of $1688. A taut break under prior March $1677 minor double bottom remains a possibility, with XAU/USD then eyeing the $1637-$1618 support band, Benjamin Wong, Strategist at DBS Bank, reports.
See – Gold Price Forecast: XAU/USD to plummet towards $1585 on a slide below $1677/70 – SocGen
Gold remains sensitive to US inflation data and taper talk
“Gold remains susceptible unless it can return quickly above the $1803-$1831 resistance band.”
“There is a fair chance a shakeout on the weight of a break of the March minor $1677 double bottom could still see the market probe towards a support located at $1637 or the $1618 Fibonacci marker.”
“The gold market would stay sensitive to inflation-driven data and US taper talk, so watch out for tomorrow’s US July CPI data.”
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