Forex
Gold Pauses for Breath Ahead of Crucial Inflation Data Release
Gold prices took a breather on Friday after a 2% drop on Thursday. Traders were waiting for key US inflation data to give them fresh direction signals.
The precious metal was under pressure due to sharp rises in oil prices and growing expectations of a Federal Reserve rate hike at the September policy meeting. The upcoming inflation data will likely provide policymakers with their final signal before next week's meeting.
Bears have been repeatedly contained by significant Fibonacci support at $4319, although pressure on this level remains high.