GOLD PRICE ATTEMPTS A REBOUND ABOVE $1,700 AS DXY TURNS SIDEWAYS, RECOVERY SEEMS OBSCURE
- Gold price is aiming to recapture its intraday high at $1,710.21 amid lackluster DXY.
- A slippage in odds of a 1% rate hike by the Fed has failed to support the gold bulls.
- Lower consensus for S&P PMI data may bring a sell-off in the DXY.
Gold Price (XAUUSD) has rebounded modestly after remaining subdued in the Asian session. The precious metal has picked bids after hitting a low of $1,705.55 and is hovering around an intraday high at $1,710.21. The bright metal has remained sideways from the past week, auctioning in a wide range of $1,697.64-1,723.83 amid the unavailability of any potential trigger, which could guide further direction.
Meanwhile, the US dollar index (DXY) is displaying exhaustion signals after a pullback move. The asset rebounded gradually after hitting a low of 106.92 on Tuesday. Till now, the sentiment of bearish Monday has not carry-forwarded on Tuesday, however, the downside seems warranted as the DXY is struggling in establishment above 107.50. A downside move below Monday’s low at 106.92 is likely to bring a sell-off in the asset.
Also Read: Gold Price Forecast: Bulls hesitate despite a better market mood