FxAnalysis

Gold is retreating after hitting three-day highs just below $4,450 early Tuesday, and is flirting with $4,400 as of writing.

The Aussie Dollar extends its multi-week recovery, finally reclaiming the key 0.7100 hurdle and beyond against the US Dollar. Indeed, AUD/USD is gaining momentum and appears to be heading higher, with the 0.7200 barrier ahead of yearly peaks.

Gold price kicked off the week, maintaining upward pressure, trading not far below the $4,400 mark. The US Dollar (USD) remains vulnerable after United States (US) data released throughout August weighed down the odds for a Federal Reserve (Fed) interest rate hike in September.

The earlier Central Bank of the Republic of Turkey (CBRT) helped break the Lira. Today’s CBRT has contained much of the direct exchange-rate pass-through, but it has not yet broken the inflationary habits the currency collapse left behind. 

Gold is holding the previous recovery from near $4,300 on early Monday, struggling around the key $4,400 level. However, buyers retain control as the new week kicks in, with all eyes on the Middle East updates and the Minutes of the US Federal Reserve (Fed) July monetary policy meeting.

It was a strange week for the US Dollar (USD): while the geopolitical situation has remained largely unchanged, with the usual back-and-forth between the US, Iran, and occasional third parties, disappointing domestic data have re-emerged, reducing expectations of potential tightening by the Federal