XAUUSD: Signs of a downtrend

Gold Price (XAU/USD) holds onto Friday’s recovery from more than a two-week low while picking up bids to $1,960 amid the early hours of Asian morning on Monday. In doing so, the XAU/USD justifies Friday’s downbeat US inflation clues and justifies weekend headlines from China, as well as dovish comments from Federal Reserve (Fed) Bank of Minneapolis President Neel Kashkari. That said, the XAU/USD marked the first weekly loss in four after the US Dollar cheered upbeat United States growth data, as well as the Fed’s readiness for a September rate hike.

GOLD SELL 1956 - 1958

✅Take Profit 1: 1950
✅Take Profit 2: 1945

Stop Loss: 1962

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Gold Price licks its wounds after snapping a three-week uptrend as weekend headlines from China and comments from Federal Reserve Bank of Minneapolis President Neel Kashkari prod the US Dollar bulls and allow the market sentiment to remain firmer.

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On the other hand, Federal Reserve Bank of Minneapolis President Neel Kashkari flagged fears of job losses and slower growth while praising the inflation outlook. The policymaker also criticized the central bank’s aggressive monetary tightening campaign to tamp down price surges.