1) Gold closed with a loss on Tuesday as bond yields surged and the US dollar traded at a 20-year high
2) The price of the metal has dropped more than 5% over the past month as the metal proves a weak hedge against inflation
as the Federal Reserve and other central banks aggresively raise interest rates to slow the price increases.
3) Focus this week will be on the European Central Bank meeting on Thursday, where it is expected to deliver a 75-basis-point interest rate hike.
Fed fund futures are now pricing in a 73% chance of a 75-basis-point rate hike by the U.S. Federal Reserve at its Sept.
Fundamental Range is between 1693- 1703
XAUUSD:The trend is Bearish
Check on the daily chart
1) Resistance area : 1,708.15 ,1,717.90 , 1,729.25
2) Support area : 1,694.95 ,1,688.70 , 1,680.80
Seek for sell or buy opportunity , entry at lower timeframe to enter for self confirmation or based on your own technical analysis understanding.
XAUUSD :Trend is Bearish
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