After losing its bullish momentum ahead of $1,800, gold closed the day virtually unchanged on Tuesday and continues to have a tough time making a decisive move in either direction.
Despite the broad-based USD strength, XAU/USD’s movements remain limited on Tuesday as the precious metal also was able to capitalize on safe-haven flows.
Earlier in the day, the data published jointly by the US Census Bureau and the US Department of Housing and Urban Development showed that Housing Starts contracted by 7% on a monthly basis in July.
On the daily chart, the Relative Strength Index indicator stays neutral around 50, confirming XAU/USD’s indecisiveness.
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USD’s pullback, covid concerns keep gold price buoyed ahead of Fed minutes.
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