Gold price is treading near $2,350 in early Europe on Wednesday, hanging below the new record high of $2,365 reached a day ago.
Gold price keeps range near $2,350, as US CPI inflation holds the key. US Dollar struggles amid sluggish US Treasury bond yields, improved risk appetite. Will soft US CPI data trigger the long due Gold price correction? Gold priceis treading near $2,350 in early Europe on Wednesday, hanging below the new record high of $2,365 reached a day ago. Gold traders have turned to the sidelines ahead of an action-packed US economic calendar later in the day.
If a Gold price correction sets in on a hotter US CPI report, the previous record high of $2,331 will be tested The extension of the Gold price pullback could test the April 4 high at $2,305, below which the April 5 low of $2,268 will be tested. However, if Gold buyers regain poise on cooling US inflation, a fresh rally toward the $2,400 level cannot be ruled out. Ahead of that, Gold price needs to take out the $2,370 round figure on a sustained basis.
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