Gold Price Analysis: XAU/USD off lows, still in the red below $1900 mark

Gold witnessed some follow-through selling for the third consecutive session on Monday.

A modest pickup in the USD demand was seen as a key factor that exerted some pressure.

The prevalent risk-off mood undermined the safe-haven XAU/USD and helped limit losses.

Gold edged lower on the first day of a new trading week and dropped to over one-week lows during the Asian session, albeit lacked any strong follow-through selling.The precious metal extended last week’s rejection slide from the $1931-33 supply zone and remained depressed for the third consecutive session on Monday. The downtick was exclusively sponsored by a goodish pickup in the US dollar demand, which tends to undermine the dollar-denominated commodity.Investors remain worried that the second wave of coronavirus infections in Europe and the US could prove detrimental for the already fragile global economic recovery. This, along with the lack of progress in the US […]

Click here to view original web page at www.fxstreet.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.