XAUUSD WILL MAKE MOVE IN BUY

Gold price (XAU/USD) remains under some selling pressure for the third successive day on Monday – also marking the fourth day of a negative move in the previous five – and drops to over a one-week low. The precious metal maintains its offered tone below the $2,1,50 level through the early part of the European session amid expectations that the Federal Reserve (Fed) may delay interest rate cuts in the wake of still-sticky inflation in the US. The outlook, meanwhile, remains supportive of elevated US Treasury bond yields, which is seen acting as a tailwind for the US Dollar (USD) and driving flows away from the non-yielding yellow metal.

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