Gold Price Sees Minor Fluctuations Amid Market Inertia and Mixed Risk Factors
The GOLD price (XAU/USD) fluctuates around $2,016 during a quiet Monday after recording its first daily loss in four days and a two-week uptrend. The precious metal’s recent recovery is attributed to market inactivity due to holidays in the UK and a mix of risk factors. Notably, gold sellers remain inactive due to widespread US dollar weakness and dovish concerns about the Federal Reserve (Fed), as well as cautiousness ahead of this week’s US inflation and bank reports.
On Friday, the GOLD price pulled back following positive US employment data, reigniting hawkish concerns about the Fed. However, despite recent expectations of a gold price retreat before crucial data and events, the Fed’s dovish interest rate hike and increased issues for the US dollar maintain hope for XAU/USD buyers. The gold price continues to inch higher after reaching a record high, but a cautious mood prevails among XAU/USD bulls before key US data and events are released.
GOLD price technical analysis suggests that XAU/USD is likely to continue its upward trajectory, with the $2,050 and $2,068 levels presenting immediate and subsequent resistance. On the other hand, a daily close below the 21-DMA support of $2,005 is not a clear signal for gold sellers, as the $2,000 and $1,985 support levels can still challenge the XAU/USD downside. In summary, despite the recent pullback, the gold price remains on an upward trend.
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