FxAnalysis

Gold remains volatile around the 50-day EMA, but buyers are still defending dips as traders watch for a breakout toward $4,880.

Gold is looking to extend the previous pullback from three-week highs of $4,774 in Wednesday’s Asian trades, as markets lean toward profit-taking ahead of the highly anticipated meeting between US President Donald Trump and his Chinese counterpart Xi Jinping.

The Aussie Dollar continues its march north almost unabated, prompting AUD/USD to confront the area of multi-year peaks. For now, the pair’s positive outlook remains unchanged, propped up by elevated domestic inflation and the RBA’s cautious approach.

Spot Gold shed over $100 from an intraday peak of $4,773.60, and trades around $4,670 a troy ounce during American hours. The US Dollar (USD) gathered momentum late in the European session following the release of the United States (US) hotter-than-expected inflation figures.

Gold has gone strangely quiet, leaving traders wondering whether this is a temporary pause or something bigger is on the horizon.

After making a new multi-month high, Bitcoin is stuck within a consolidating triangle, with bulls and bears very evenly matched. The first breakout could show the next major move.