Throughout the first part of the European session, the price of gold has been constrained to a small band.
The US Dollar-denominated metal is expected to be hampered by a minor US Dollar rise.
The downside is limited by bets on a soon-to-come stop in the Federal Reserve's rate-hiking cycle.
The gold price struggles to take advantage of the previous day's little rise above the 100-day Simple Moving Average (SMA) and fluctuates within a constrained trading range throughout the whole of Tuesday's European session. Nearly flat for the day, the XAU/USD is now trading just above the $1,960 mark, which puts it only a few cents away from a two-month low reached last week.
Gains for gold price are capped by reviving US Dollar demand.
The US Dollar (USD), which draws some dip-buying and prevents the overnight decline that followed the dismal release of US macroeconomic data, ends up being a significant factor that weighs down on the price of gold. Actually, according to a poll by the Institute for Supply Management (ISM),
