Gold price ticks lower on Monday amid hawkish Fed expectations and a positive risk tone. A modest USD downtick helps limit the downside amid persistent geopolitical tensions. Traders also seem reluctant ahead of the FOMC meeting and key US macro data this week. Gold price meets with some supply during the Asian session on Monday and erases a major part of its modest gains registered over the past two days.
Technical Analysis: Gold price needs to break through $2,352-2,353 confluence for bulls to seize near-term control From a technical perspective, last week's bounce from levels below the $2,300 mark faced rejection near the $2,352-2,353 confluence comprising the 50% Fibonacci retracement level of the recent pullback from the all-time peak and the 200-hour Simple Moving Average .
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