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Gold Price Analysis: XAU/USD’s key levels to watch ahead of US CPI, stimulus vote – Confluence Detector
Gold (XAU/USD) bulls take a breather after the 2% recovery rally witnessed on Tuesday. The haven demand for the US dollar has returned amid a cautious market mood, as investors await the House of Representatives vote on the Senate’s $1.9 trillion stimulus bill this Wednesday.
The US Treasury yields keep its pullback from 13-month highs intact, underpinning the sentiment around the non-yielding gold. Ahead of the stimulus vote, the US CPI data will hog the limelight and have a significant impact on gold.
Elliott Wave Analysis: Has gold bottomed? [Video]
Overview: Todays we take a closer look at bullish Elliott wave counts, however the bullish trend up is not confirmed, the rally can be in response to the DXY and the 10Y dropping lower. Dollar index (DXY) Completing Wave iii of (c) of iv) towards the 93 zone. Elliott Wave Gold: Wave iv) corrective rally or low in place. Gold Trading Strategy:Netural