Gold Price Forecast: Quick pullback from 1,800 area hints at further slides

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Gold Price Forecast: Quick pullback from 1,800 area hints at further slides
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Gold met buyers around the 1,800 level as the dollar appreciates alongside bond yields XAU XAUUSD $XAU $XAUUSD

s demand for the American currency picked up. Market players are waiting for an update on US inflation. The country will publish the Decemberexpected at 7% YoY, up from a preliminary estimate of 6.8%. The core reading is seen jumping to 5.4% from 4.9%.

Meanwhile, market players are waiting for US Fed Chief, Jerome Powell, due to testify on Tuesday on the renomination to chair the Federal Reserve Board of Governors before Senate Banking Committee.pair offers a neutral-to-bearish stance, as the metal hovers around a directionless 100 SMA, just below converging 20 and 200 SMAs, which also lack directional strength. Technical indicators, in the meantime, head marginally lower yet within neutral levels.

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