Sat, Jul 31, 2021 @ 01:29 GMT
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Risk-Off Sentiment Buoys Gold

The markets were trading in a somewhat risk-off sentiment mode on Monday. The US dollar was weaker while safe-havens yen and gold rose. This comes amid a lack of any major economic data or news headlines from the US-China trade talks.

The meeting with Trump and Powell and Mnuchin was seen as the primary reason behind the cautious market sentiment.

XAU/USD Likely to Rebound Higher

The precious metal initially fell to the support area of 1462 before reversing losses. The current momentum could see price testing the 1483 level where resistance could form. A retest of this level will cap the gains while keeping the downside bias open. However, if XAUUSD breaks past the 1483 level, then we expect to see further gains coming along.

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