Gold price is trading on the back foot early Tuesday, having opened below the key $1,923 resistance level. Despite the renewed weakness in Gold price,
Gold price remains on the back foot but within Monday’s trading range. US Dollar recovers ground, as sentiment turns sour amid China and Middle East worries. Gold price could stay supported above $1,900 amid bullish RSI, ahead of US Retail Sales data. it remains well within Monday’s trading range.
The US Treasury bond yields are extending their recovery, aiding the rebound in the US Dollar at the expense of Gold price, despite dovish comments from Philadelphia Fed President Patrick Harker, who said that "we should not at this point be thinking about any increases" in interest rate. In the day ahead, the focus now remains on the top-tier US Retail Sales data, which is expected to show a drop to 0.3% in September.
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