Gold prices (XAU/USD) receive a refresh offer to the intraday low near $1,941 as it fails to cheer US policymakers' initial agreement to avoid a 'catastrophic' default earlier in the day Monday.
In doing so, XAU/USD takes clues from the uncertainty surrounding the passage of the deal through the US Congress, as well as the hawkish Federal Reserve (Fed) concerns.
Also, the cautious mood ahead of the US Non-Farm Payrolls (NFP) this week also favors the Gold sellers.
The predictions are very likely to break out of the 36 support area and make a new bottom.
In doing so, XAU/USD takes clues from the uncertainty surrounding the passage of the deal through the US Congress, as well as the hawkish Federal Reserve (Fed) concerns.
Also, the cautious mood ahead of the US Non-Farm Payrolls (NFP) this week also favors the Gold sellers.
The predictions are very likely to break out of the 36 support area and make a new bottom.
Comment:
The first Monday of the week, I still follow the downtrend of Gold. This decline will start around the price range 1953 -1958
And fall back to 193x or even 1925 in the future
And fall back to 193x or even 1925 in the future
⭐️Make a trading plan:
✅Sell the $1,960-$1,957 range when the price hits the resistance area.
✖️Stoploss: $1,965.