The precious metal was seen extending declines, resuming the bearish trend from Friday. Economic data from the US was sparse with most of the trade flows coming in from Friday’s payrolls report. FOMC member, Esther George, in her speech on Monday said that the US economy was in a good place with low inflation and low unemployment. George was one of the dissenters at the September FOMC rate cut.
XAU/USD Likely to Fall Toward 1485
XAU/USD has been trading within the levels of 1508 and 1485. Price opened briefly higher but the precious metal was seen resuming the downside quickly. The current momentum should see gold prices easing to 1485. As long as this support holds, XAUUSD could maintain the sideways range. A close below 1485 will potentially trigger further selling toward the previously established lows of 1462.
