Gold price dropped on Monday as the Greenback advances some 0.20% as investors brace for the Federal Open Market Committee (FOMC) monetary policy decision, which starts on July 30 and ends the next day, with the statement release and Federal Reserve Chair Jerome Powell's press conference.
Gold price drops from daily high of $2,403 to $2,377 as Greenback gains 0.20%. High retail prices dampen gold demand in Asia; China's economic concerns persist. Investors eye FOMC decision, JOLTS report, ADP data, and key US economic indicators this week. Gold price dropped on Monday as the Greenback advances some 0.
Technical analysis: Gold price retreats below $2,400 Gold price is upward biased, and despite forming a ‘bullish harami’, buyers failed to decisively clear the $2,400 figure, which exacerbated a drop toward the current spot price. Momentum depicts buyers taking a breather, as shown by the Relative Strength Index . The XAU/USD is consolidating at around $2,370-$2,380, with little direction as traders prepare for the Fed’s meeting.
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