Gold price broke above the $1,900 mark earlier today but bulls failed to hold onto these gains. Resistance zone ranging above $1,900 is additionally strengthened by the 61.8% retracement of the downward move started in August 2020. Breaking above this hurdle could pave the way for a test of the $1,960 resistance marked by local highs from the second half of 2020. On the other hand, the near-term support to watch in case of a reversal can be found near recent local low at $1,875 (50% retracement).
Key macro report for gold this week will be released on Thursday at 1:30 pm BST - US CPI inflation data for May. Release is likely to impact USD and therefore will have an impact on gold prices as well.
Source: xStation5
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