Gold posted solid gains on Monday, rising more than 0.50% as US Treasury yields climbed.
Gold trims some of last week’s losses, posts gains of over 0.50% despite USD strength. US Nonfarm Payrolls report shows resilient labor market with 272,000 jobs added. Upcoming US inflation data and Fed decisions are likely to impact Gold 's future trajectory. Although the yellow metal exchanged hands above last week’s low of $2,277, it is on the defensive amid broad US Dollar strength ahead of the release of crucial US economic data. The XAU/USD trades at $2,311 at the time of writing.
Momentum shifted bearishly as shown by the Relative Strength Index , which has pierced below the 50-midline, an indication that sellers are in charge. Therefore, further Gold weakness and sellers could push the spot price below $2,300. Once cleared, the next stop would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie beneath with buyers’ next line of defense at around the $2,200 figure.
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