Daily Market Report
➢ Gold (XAU/USD) faces fresh selling pressure for the tenth consecutive session, showing strong and sustained bearish momentum in the market.
➢ The price fails to build on its recent recovery from the $4,100 level, which aligns with the important 200-day Simple Moving Average (SMA).
➢ The ongoing Iran war continues to drive inflation fears, reducing expectations for interest rate cuts globally.
➢ Rising inflation concerns are strengthening expectations that central banks may keep rates higher or even hike further, which negatively impacts gold.
➢ The US Dollar (USD) regains strength, adding additional downside pressure on gold prices.
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