XAUUSD LONG SETUP

Gold price (XAU/USD) attracts some dip-buying on Friday and reverses a major part of the previous day's slide back closer to the $2,150 level, or the weekly low. Despite the hotter-than-expected US Producer Price Index (PPI), the markets are still pricing in a greater chance that the Federal Reserve (Fed) will start cutting interest rates in June. This is reinforced by a fresh leg down in the US Treasury bond yields, which fails to assist the US Dollar (USD) to attract any meaningful buyers. Apart from this, a generally weaker tone around the equity markets lends some support to the safe-haven precious metal.

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