Gold price extends week-start recovery from a short-term key support line, renews intraday high of late.
United States Treasury bond yields, US Dollar decline amid debt ceiling drama.
XAU/USD market also seems to brace for dovish Federal Reserve, downbeat US Gross Domestic Product (GDP).
US CB Consumer Confidence can direct intraday moves, risk catalysts are the key.
Gold price (XAU/USD) picks up bids to refresh intraday high near $1,996 as it stretches the previous day’s rebound from a five-week-old ascending support line during early Tuesday. In doing so, the bright metal cheers downbeat United States Treasury bond yields and the US Dollar as markets prepare for the key US Gross Domestic Product and the Federal Reserve (Fed) outcomes. Also weighing on the US bond coupons and the greenback are concerns surrounding the US debt ceiling which is likely to expire in June.
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