The precious metal attempted to post some modest gains on Tuesday. Price action was seen largely trading within Monday’s range that was set. Investors could remain on the sidelines ahead of the FOMC meeting minutes due for release later today. The initial panic following the 10 and 2-year yield curve inversion is also starting to fade as well, giving rise to risk appetite.
XAU/USD Rally Looks Done, For Now
Price action in the precious metal looks to be easing to the upside. XAUUSD briefly retested the resistance area at 1508. As long as this resistance holds, we could anticipate a downside with the lower support at 1485.70. While there is a possibility that price will remain within the said range, a breakout to the downside is quite likely to build up.
