Gold price (XAU/USD) gained some positive traction on the first day of a new week and reversed a part of Friday's post-NFP slump to the $2,287-2,286 area, or over a one-month low.
Gold price stalls the previous day’s recovery move from its lowest level in over a month. Reduced bets for a September Fed rate cut underpin the USD and cap the yellow metal. Renewed political uncertainty in Europe and geopolitical risks should limit the downside. Traders also seem hesitant ahead of the US CPI and FOMC decision on Wednesday.
Technical Analysis: Gold price bears have the upper hand below 50-day SMA, $2,285 is a key point of defense From a technical perspective, Friday's breakdown below the 50-day Simple Moving Average was seen as a fresh trigger for bearish traders against the backdrop of negative oscillators on the daily chart. Some follow-through selling below the $2,285 horizontal support will reaffirm the bearish outlook and drag the Gold price to the next relevant support near the $2,254-2,253 region.
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