Gold price (XAU/USD) attracts some sellers during the Asian session on Monday and for now, seems to have snapped a four-day winning streak to the $2,700 neighborhood, or a one-month high touched on Friday. The upbeat US Nonfarm Payrolls (NFP) report reinforced market expectations that the Federal Reserve (Fed) will pause its rate-cutting cycle later this month. This keeps the US Treasury bond yields elevated near their highest level in over a year and the US Dollar (USD) near a two-year peak, which, in turn, exerts some pressure on the non-yielding yellow metal.
Meanwhile, hawkish Fed expectations, along with persistent geopolitical tensions, dampen investors' appetite for riskier assets. This is evident from a weaker tone around the equity markets and should offer some support to the safe-haven Gold price. Hence, it will be prudent to wait for strong follow-through selling before confirming that the XAU/USD's move-up witnessed over the past three weeks or so has run its course and positioning for any meaningful corrective decline. Investors now look forward to this week's release of the US inflation figures for some meaningful impetus.(Cay) Newsmaker23
Source: Fxstreet
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