Gold price (XAU/USD) dived to a near seven-month low on Tuesday and recorded losses for the seventh straight day – its longest losing streak since Aug
Gold price remains on the defensive and well within the striking distance of a near seven-month trough.
The recent comments by several Fed officials also backed the case for at least one more 25 basis points lift-off by the end of this year to bring inflation back to the 2% target. Republican Kevin McCarthy, who navigated legislation to keep the government running until November 17, becomes the first US House speaker to be removed from his job.
The US economic docket also features the ISM Service PMI, which is anticipated to ease from 54.5 to 53.6 in September and should provide some impetus to the XAU/USD.The Relative Strength Index on the daily chart is flashing extremely oversold conditions and makes it prudent to wait for some near-term consolidation or a modest bounce before positioning for a further depreciating move.
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