Gold recently dropped below the 50% retracement of the March/May rally at $1,943.86 and hit a low of $1,930.20 during European trading hours. Although XAU/USD rebounded from this level, it is facing difficulty in regaining its position above it.
The US Dollar is receiving support from the negative market sentiment and favorable US macroeconomic data. Consequently, the US currency is still strong, and the gold market is experiencing a sell-off.
The US Dollar is receiving support from the negative market sentiment and favorable US macroeconomic data. Consequently, the US currency is still strong, and the gold market is experiencing a sell-off.
