Spot Gold traded with a soft tone on Monday, now hovering around $2,335 a troy ounce.
XAU/USD Current price: $2,333.65 Investors await the United States Consumer Price Index for fresh directional clues. Fed eral Reserve officials take centre stage in the absence of relevant macroeconomic data. XAU/USD gains near-term bearish traction and aims to retest the $2,300 mark. XAU/USD hit an intraday high of $2,364.38 before changing course, despite broad US Dollar’s weakness.
Other than that, market participants have little news to work with, moreover considering the upcoming release of the United States April Consumer Price Index on Wednesday. The CPI is foreseen at 3.4% YoY, slightly below the 3.5% posted in March. XAU/USD short-term technical outlook The XAU/USD pair keeps trading around the 23.6% Fibonacci retracement of the April/May rally at $2,326.50, with the failed attempt to regain the upside taking its toll on buyers.
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