Gold price (XAU/USD) touches a fresh daily low during the early part of the European session on Monday, with bears now awaiting a sustained break below the $3,300 mark before positioning for deeper losses.
The US Dollar (USD) regains positive traction and moves back closer to last week's swing high, which, in turn, is seen as a key factor undermining the commodity. However, bets that the Federal Reserve (Fed) will resume its rate-cutting cycle in the near future should keep a lid on the USD and lend support to the non-yielding yellow metal.
Furthermore, concerns that US President Donald Trump's massive tax-cut and spending bill would worsen America's long-term debt problems might contribute to capping gains for the USD.
Adding to this, fresh Israeli strikes on Yemen in almost a month, along with the uncertainty over Trump's erratic trade policies, take their toll on the global risk sentiment and warrant some caution for the XAU/USD bears. Traders now look to the FOMC meeting minutes on Wednesday for cues about the Fed's rate-cut path, which
Source: Fxstreet
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