GOLD: Intraday Analysis update & Forecast

Gold prices extended gains on Wednesday, supported by a weaker U.S. dollar and bond yields after data showing slowing U.S. inflation bolstered the view that the Federal Reserve is done with its rate-hike campaign.

“Near-term, we may still need to see a move in gold prices above yesterday’s high at the $1,970 level to potentially pave the way to retest the psychological $2,000 level next,” IG market strategist Yeap Jun Rong said.

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