GOLD--> Buyers stop believing in gold. Are the bears coming?
XAUUSD rose, but remained below $2,600 early on Monday, snapping a six-day losing streak. Geopolitical risks favored the safe-haven metal amid reduced demand for the US Dollar.However, expectations of a less aggressive Fed rate cut and rising US Treasury yields are likely to limit further gains for XAU.
Attention is now focused on the upcoming speech by Chicago Fed President Austan Goolsbee, as there are no major economic releases due on Monday. Geopolitical developments will also be closely watched to see if they have any significant impact on the safe-haven asset.
Technically, Gold is forming a smooth and calm move towards new highs after a false breakout near $2,575. Notably, an uptrend is emerging on the H1 timeframe.
A pullback to the imbalance zone or local resistance level may form before the news as traders try to recover losses. However, I predict that after this correction, the price will likely continue its downtrend.
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