Gold slid from around $2,172 on Friday, losing territory each session as investors' expectations of the US Federal Reserve's decreasing cycle were delayed by favorable economic data. Fed Chair Jerome Powell's decision to remain patient and maintain current monetary policy is bolstered by higher-than-expected inflation data. XAU/USD is currently trading at $2,156, suggesting a 0.20% drop.
Let's briefly discuss the current situation of gold without engaging in a lengthy debate. This week promises to be busy with news. Watch Powell's speech and the Fed and FOMC meetings for potential influence on inflation, interest rates, and the medium-term outlook.
In technical terms:
Gold is about to see a correction. H1 exhibits a declining triangle pattern. The pattern exhibits a support breakout, reversal, and decline aspect. This pattern may imply a strong seller or no buyer.