Gold price (XAU/USD) is displaying back and forth moves in a narrow range of $1,821.76-1,825.55 in the Tokyo session. The precious metal is trading lackluster right from the first tick on Tuesday. Earlier, the gold prices witnessed a steep fall after failing to surpass the critical hurdle of $1,840.00. Considering the ongoing inventory distribution, a downside move below Monday’s low at $1,820.85 will drag the bright metal significantly.

Also, the US dollar index (DXY) is displaying a lackluster performance in the Asian session. The DXY is struggling to contain the round-level resistance of 104.00 after a firmer rebound from Monday’s low at 103.69.

The upbeat US Durable Goods Orders released on Monday have raised the odds of a consecutive 75 basis point (bps) rate hike by the Federal Reserve (Fed). Investors were worried over the fact that growth prospects might not remain supportive of more policy tightening. However, the release of the above-mentioned economic data at 0.7% vs. 0.1% forecasted has strengthened the Fed to elevate interest rates without much hesitation.