Gold Price Analysis: XAU/USD off lows, not out of the woods yet ahead of US inflation

Gold remains pressured for third consecutive day as sellers attack weekly bottom.
Treasury yields stays offered but King dollar stays firmer.
G7, US-China and Brexit offer market jitters before the key events.
Top commodities to trade amid global reflation: Silver and copper to outshine gold price
Update: Gold price is attempting a minor bounce, having witnessed a steep drop following an opportunity below the critical 21-DMA support at 1883. At the time of writing, gold price is trading 0.50% lower at $1880, looking to recapture the 21-DMA. The US dollar is gaining additional strength amid an uptick within the Treasury yields and anxiety before the US inflation data. Investors resort to repositioning before the ECB announcement and US CPI release. These key events will shed light on the pace of worldwide recovery and policymakers’ brooding about paring back stimulus, which can have a big impact on the dollar trades and eventually on gold price.

Read: US CPI May Preview: Inflation angst is coming

 

Gold (XAU/USD) prices remain pressured during a three-day downtrend of around $1,883, down 0.26% on each day , before the Super Thursday’s European session. In doing so, the quote fades earlier bounce off the day’s bottom of $1,885.16 as traders await the key US Consumer price level (CPI) and therefore the European financial institution (ECB) outcomes.

 

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