XAU/USD Faces Fresh Supply; Technical Analysis Hints at Rebound

Gold faced renewed selling pressure during early European trading on Tuesday, eroding part of the previous day's modest recovery from the $2,287 area, a one-month low touched due to strong US jobs data. Investors are scaling back bets on an imminent interest rate cut by the Federal Reserve (Fed) in September. This has kept US Treasury bond yields elevated and supported the US Dollar (USD) near a multi-week high, diminishing demand for gold.

Technical Outlook

RSI Divergence: Technical analysis indicates a divergence on the RSI.

Support Zone: Gold is rebounding from a demand area around $2,287.

Potential Rebound: With the upcoming US CPI data, there is potential for a rebound to fill a gap around $2,328.75, with further growth possible.

In summary, while gold remains under pressure due to a strong USD and elevated yields, technical indicators suggest a potential rebound, especially with key economic data on the horizon.

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