Gold prices extended lower after US core PCE growth hit the highest level since 1992, reaffirming inflationary pressures. Boston Fed President Eric Rosengren hinted at first rate hike by the end of 2022.
6/25/2021 1:42:00 AM GMT | By Eren Sengezer
Gold is having a tough time staging a convincing rebound.
US Dollar Index fluctuates in tight channel below 92.00.
Update: Gold price is making another recovery attempt towards the $1790-$1795 supply zone, finding its feet amid a subdued US dollar across the board and mixed Asian equities. Despite a minor bid, gold price continues to trade within familiar levels amid mixed signals from the Fed on interest rate hikes and a slew of downbeat US economic data. The risks remain titled to the downside for gold price, given that a death cross is confirmed on the daily chart. Meanwhile, 100-Daily Moving Average (DMA) at $1793 remains a tough nut to crack for the gold bulls.
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