Gold price posted modest losses late Tuesday in the North American session after reaching a high of $2,334, sponsored by a weaker-than-expected S&P Global Purchasing Managers Index (PMI) report.
Gold retreats modestly after failing to sustain gains despite fall in US Treasury yields, weaker US Dollar. XAU/USD struggles to capitalize following release of weaker-than-expected S&P Global PMIs, fueling speculation about potential Fed rate cuts. Geopolitical tensions ease somewhat, impacting Gold 's role as a safe-haven asset in times of turmoil.
Technical analysis: Gold price is at risk of diving beneath $2,300 After diving on Monday and forming a “bearish engulfing” chart pattern, the Gold price hit a two-week low of $2,291. However, XAU/USD buyers push prices above the $2,300 figure, but they’re not out of the woods yet. For them to stay in charge, they must lift Gold above the $2,350 psychological level, which could pave the way to challenge $2,400.
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