Gold prices were sharply lower on Monday, with XAU/USD trading in the $2,350 region after surpassing the $2,390 level on Friday.
XAU/USD Current price: $2,355.43 The result of the French elections brought relief to financial markets. Speculative interest awaits a United States Consumer Price Index update. XAU/USD turned bearish in the near term, next support area at around $2,330. Financial markets started the week in a better mood after the surprise defeat of Marine Le Pen’s far-right party in the French elections.
Relevant macroeconomic news will come later in the week, as the US is scheduled to release the June Consumer Price Index report next Thursday. XAU/USD short-term technical outlook From a technical point of view, XAU/USD is under pressure, yet not bearish. In the daily chart, the pair keeps developing above all its moving averages, although the 20 Simple Moving Average has lost its directional strength and stands pat above the bullish 100 and 200 SMA.
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