Gold Price Forecast: XAUUSD eyes $1,798 and $1,794 as next downside targets – Confluence Detector

 



  • Gold Price returns to the red zone despite weaker US Treasury yields.
  • Markets remain cautious ahead of the Fed Minutes and an impending death cross.
  • XAUUSD could resume sell-off below $1,800 amid light trading conditions.

Gold Price is resuming its downside momentum at the start of a fresh week, having witnessed an impressive rebound on Friday. The US dollar is consolidating the minor rebound amid the renewed downtick in the Treasury yields and falling S&P 500 futures. The mixed market mood and holiday-thinned trading have kept gold bulls at bay. A death cross lurking on the daily chart is offering the much-needed boost to XAUUSD sellers. Attention now turns towards Wednesday’s FOMC June meeting’s minutes for the next price direction in the bright metal. In the meantime, the Fed rate hike expectations and recession fears will continue to dominate markets and influence the dynamics of the bullion price.

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