Gold price (XAU/USD) adds to last week's heavy losses and remains under some selling pressure for the second successive day on Monday.
Gold price drifts lower for the second straight day and is pressured by a combination of factors. The Trump trade optimism continues to underpin the USD and weighs on the precious metal. A positive risk tone also undermines the safe-haven XAU/USD despite more Fed rate cut bets. Gold price adds to last week's heavy losses and remains under some selling pressure for the second successive day on Monday.
Technical Outlook: Gold price could find support near 50-day SMA, around $2,647-2,646 area From a technical perspective, any further decline is likely to find some support near the $2,660 zone ahead of the 50-day Simple Moving Average , currently pegged near the $2,647-2,746 region. Some follow-through selling below last week's swing low, around the $2,643 area, will be seen as a fresh trigger for bearish traders.
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