Gold price (XAU/USD) remains sidelined around $1,820 as the metal buyers take a breather during early Wednesday, following the biggest daily jump in three weeks. That said, the US Dollar’s weakness and receding fears of the economic slowdown, as per the Treasury bond yields curve inversion, seemed to have favored the XAU/USD bulls previously. However, the cautious mood ahead of the key United States data and technical analysis challenges the bullion buyers of late.
Gold price rallied heavily the previous day as the US Dollar Index (DXY), a gauge of the US Dollar’s move versus the major six currencies, dropped the most in a week, down 0.67% intraday to 103.95 while marking a two-day downtrend. In doing so, the DXY traders feared less Japanese bond-buying of the United States Treasury bonds due to the latest Bank of Japan (BOJ) action. It’s worth noting that Japan is the biggest holder of the US Treasury bonds and the latest move allows Tokyo to put more funds into the nation than letting them flow outside.
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