The precious metal was largely muted on Monday. This follows last Friday’s declines after the release of the payrolls report. Amid a number of factors impacting the flows, gold has consolidated into a small range. With key events such as the Fed & ECB meeting, UK elections and trade, volatility in gold could pick up over the week.

XAU/USD Downside Bias Prevails, For Now

The precious metal made attempts to post a recovery. However, the gains were capped near the resistance level of 1462.00. We anticipate that price will consolidate around this level in the short term. A breakdown is however needed to confirm the downside. The lower support is seen at 1445.00

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