Spot Gold is heading into fresh lows on Wednesday, testing $1,950.
Precious metals are getting pushed back as investor hopes for a dovish Fed ease.
US Treasuries remain on the soft side, easing back to 4.5% after hitting 4.615%.
XAU/USD is testing into chart space around the $1,950 price level, and Gold is seeing downside pressure as markets readjust their expectations of the Federal Reserve's (Fed) willingness to ease back interest rates.
US Treasury yields remain elevated, but have eased off recent spikes into decade-plus highs, cutting off a major bullish pipeline for Spot Gold prices.
Last week saw a significant uptick in expectations that the Fed would get pushed further towards beginning a rate-cutting cycle, but investors have been forced to rebalance their expectations this week as Fed officials talk down chances of "sooner rather than later" rate cuts.
Many now expect rate cuts to begin sometime next year, and markets are being forced to adjust their hopes and expectations
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