The XAU/USD pair failed to break above $1,800 last week and stayed relatively quiet during the Asian trading hours on Monday.
With the latest decline, the Relative Strength Index indicator on the four-hour chart fell toward 40, suggesting that the bearish momentum is building up.
On the first day of a new week, sustained USD selling bias assisted the yellow metal to regain traction.
The view that any spike in inflation is likely to be transitory and that the Fed will keep interest rates lower for a longer period extended some support to the dollar-denominated commodity and helped limit any deeper losses, rather assisted to regain some positive traction on the first day of a new trading week.
Gold reversed an early European session dip to the $1,775 area and has now moved back to the top end of its daily trading range.
The precious metal managed to regain some positive traction on the first day of a new trading week and for now, seems to have snapped two consecutive days of the losing streak.
Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
Bitcoin price shows a sharp spike on April 26, which has run into a stiff resistance barrier around $53,000.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice.