Gold price is virtually unchanged late in the North American session, set to end the day around familiar levels of $2,400 after hitting a daily high of $2,432.
Gold touches $2,432, then stabilizes near $2,400, pressured by US 10-year yields at 4.274%. FedWatch Tool forecasts 100% chance of a 25 bps rate cut in September, bolstering gold. India slashes import tax on precious metals, spurring demand; key US GDP, PCE data due Thursday. Risk-aversion and rising US Treasury bond yields seem to have capped the non-yielding metal rally, which usually retreats as investors flock to US Treasuries.
A daily close below the latter could expose XAU/USD to further selling pressure, though US data would drive price action on Thursday and Friday. The Relative Strength Index is bullish, although the slope has turned flat, indicating buyers' and sellers' lack of direction and commitment. XAU/USD needs to clear Wednesday’s peak at $2,430 for a bullish continuation. Once surpassed, the next resistance would be $2,450 before challenging the all-time high of $2,483.
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