The precious metal was trading a tad weaker on Tuesday. However, price action indicates that the market is well-positioned. Fears of an economic slowdown, amid muted central bank monetary policy, has pushed investors into the safe-haven asset.

Will Gold Rebound from the Correction?

XAU/USD is down over 0.70% on an intraday basis. This comes right after price rose to a seven-year high. However, it is too early to write off the rally. Depending on the fundamentals, the direction might very well change. For now, minor support looks to be forming near 1645.

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