Gold drops back as buying momentum remains sapped

The precious metal is back down by 1% today but it’s still keeping within the price range we’ve seen in the last three days. That after the break lower on Tuesday where sellers managed to establish a more bearish near-term bias. But for now, dip buyers are also still seen holding the line closer to the $4,000 mark.

And that’s keeping any trending bias on hold, with the tug of war this week continuing to play out. The US CPI report later today could be the next potential catalyst to really kick things into gear for gold in wrapping up the week. So, keep a watchful eye on that.

This article was written by Justin Low at investinglive.com.