Gold (XAU/USD) prices are attempting to retest the key psychological level of $3,400, as the US Dollar remains pressured on Thursday.
At the time of writing, the yellow metal is battling another major resistance zone above $3,380, a level that coincides with the upper boundary of the rising wedge pattern.
The resurgence of bullish momentum can be attributed to several factors. Over the past 24 hours, these have included the release of US inflation data, rising tensions in the Middle East, and the ongoing tariff threats from the US Trump administration.
The release of US Producer Price Index (PPI) data on Thursday has shown that inflation is slowing on the wholesale level. Following Wednesday's downside surprise in CPI numbers, further confirmation that price pressures are easing could provide additional impetus to Gold as expectations for a September rate cut rise.
Additionally, the threat of an escalating conflict in the Middle East, following reports that Israel is considering a military strike on Iran, and Trump's latest tariff threats support the precious metal, which benefits from safe-haven flows.
Source: Fxstreet
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