$XAUT
Gold faces a difficult macro backdrop as higher oil prices, Treasury yields and renewed expectations of a September Fed hike weigh on the non-yielding asset.
The upcoming US CPI report is the key catalyst, with a hotter reading potentially extending the decline and a softer print offering gold a chance to recover.
Gold’s technical picture has weakened after a second weekly decline and a break below $4,310, with $4,100 and $4,000 coming into focus if that support fails decisively.
$XAUT
Gold faces a difficult macro backdrop as higher oil prices, Treasury yields and renewed expectations of a September Fed hike weigh on the non-yielding asset.
The upcoming US CPI report is the key catalyst, with a hotter reading potentially extending the decline and a softer print offering gold a chance to recover.
Gold’s technical picture has weakened after a second weekly decline and a break below $4,310, with $4,100 and $4,000 coming into focus if that support fails decisively.
$XAUT