XAUUSD Gold price is trading on the back foot below $1,950 early Tuesday, although remains within Friday's trading range. The United States Dollar (USD) has entered a phase of bullish consolidation amid higher US Treasury bond yields and ahead of mid-tier US economic data.
Cautious mood supports the Dollar ahead of mid-tier United States data
Gold sellers continue to lurk at higher levels, limiting any upswing in Gold price so far this week. The US Dollar clings to last week's solid recovery gains, as China's economic woes underpin the Greenback's safe-heaven demand, in turn, rendering negative for Gold price.
At the time of writing, the US Dollar Index is trading close to multi-day highs near 104.615 while the benchmark 10-year US Treasury bond yield is rallying 1% to 4.215%. Gold price, on the other hand, is gyrating in session lows near $1,935.
Looking ahead risk trends will continue to play a pivotal role, in the absence of high-impact US economic data release and as traders from the United States return to their desks after an extended Labor Day weekend. The mid-tier US Factory Orders will entertain Gold traders alongside some Fed speakers.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.