Gold steadied as the dollar held an advance, with investors on the sidelines before the release of minutes from the Federal Reserve’s latest policy meeting.
Bullion slipped Tuesday to snap four days of gains amid mixed U.S. economic data and lingering concerns over the global recovery as the delta coronavirus strain spreads. U.S. retail sales fell in July by more than forecast, while production at factories strengthened by the most in four months.
The GOLD market is showing an end to its Fibonnacci correction with a bear downturn again and potential for a selling wave to 1761.0 as well as potential to 1731.0. A drop through 1771.0 will foster continuation selloffs today. Any congestion under yesterday’s range high will keep the market setup in a bear flag.