Soft Inflation Data Keeps USD Pressured

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The precious metal is struggling to breakout above 1850 as price action was firmly rejected near this level intraday.

Overall, gold prices remain trading subdued compared to the gains made in the previous sessions.

We expect the precious metal to maintain a sideways range between the 1850 resistance and 1817.80 level of support in the near term.

The Stochastics oscillator is also starting to move a bit down from the overbought levels currently. This will likely mark an end to a three-day winning streak in gold.

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