Gold prices were seen recovering early this morning. Price posted a strong reversal in an attempt to reverse the declines from Monday this week. The rebound in gold prices come as equity markets paused their recovery rally. Producer prices index report was subdued, adding to the speculation of a potential rate cut from the Fed this year.
Can XAUUSD Maintain the Gains?
The rebound in gold prices coincides with a brief test of the support area at 1322–1313 level. A bullish close is required on the day in order to confirm the upside. Gold prices will likely aim for Monday’s gap at 1340.44 initially. A close above this level will potentially signal further gains in the near term.
