Gold prices fell after hot CPI data and rising oil prices boosted Fed rate fears, while a stronger dollar added pressure to XAU/USD.
The gold market has been very noisy during trading on Tuesday, as we continue to pay close attention to the 50-day EMA, and the interest rate markets. Gold continues to wait for clarity in the Middle East as well.
Gold managed to pass above the resistance of 4680 which could lead to a further advance towards target 4765-95. As we see over the chart, the market is facing support around 4590-4630 which could keep the advance movement towards the resistance 4890.
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Gold trades at $4,702.60 testing the lower blue descending channel with neutral RSI, while silver surges to $84.11 displaying strong momentum above $82 support. Central bank demand and persistent industrial shortages underpin both metals amid fading geopolitical risks.
Saudi Arabia Gold price today: Gold falls, according to FXStreet data
Philippines Gold price today: Gold falls, according to FXStreet data
United Arab Emirates Gold price today: Gold falls, according to FXStreet data
Pakistan Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data