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Gold Price Forecast: XAU/USD pressures $2,330.00, risk of a steeper correction

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XAUUSD News

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Spot Gold is under intense selling pressure at the beginning of the week, and XAU/USD trades near a daily low of $2,329.51, its lowest in a week.

XAU/USD Current price: $2,330.53 Gold eases as relief sends investors into high-yielding assets. United States growth and inflation figures are taking centre stage this week. XAU/USD trades withincreased bearish momentum, challenges a Fibonacci support. The bright metal left a small bearish gap at the opening at $2,399.59, as relief sent investors into high-yielding assets. Asian stocks advanced amid easing tensions in the Middle East, while European and American indexes followed the lead.

Meanwhile, market participants keep betting the European Central Bank will deliver a rate cut in June, with three rate cuts foreseen throughout the year. Opposed to the Fed, the ECB is urged to cut rates amid tepid growth and the persistent risk of an economic recession. There’s not much to cheer on the decision. XAU/USD short-term technical outlook XAU/USD's significant intraday slide may begin a steeper corrective decline. The pair trades just above $2,326.56, the 23.

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