Gold prices continued to retreat as trade tensions eased. In the overnight session, Fed Chair, Jerome Powell was speaking at an event. However, his speech did not impact the markets much. Powell mostly discussed the corporate debt levels in the US and that the Fed was keeping a steady watch to assess any risks.

XAUUSD Closes with a Doji

Gold prices were trading flat on Monday as price action closed with a doji near the 200- day moving average. Price action indicates a potential rebound unless gold extends declines sharply below the current levels. The lower support at 1270 could temporarily hold the declines. To the upside, a retest of the 1285 level for resistance could confirm the downside bias in gold

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