Despite the short-term overbought technical condition in gold following a two-day low-to-high rally of $42, and a minimal bounce in the dollar early today follow-through gains are likely.
However, the market's reaction to the second key US inflation reading (PPI) should be less significant as the trade has priced a large portion of the "end of the historic rate hike cycle" mentality.
On the other hand, the gold market is not without fresh bullish developments with India reporting a significant jump in gold imports...[MORE]
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