Gold Price Forecast: XAU/USD extends its downside below $1,950 ahead of US PMI, Fed’s Powell speech

Share:

• Gold price loses traction below the $1,850 mark as the US Dollar (USD) resumes its upward path.
• The annual Core PCE Price Index grew 3.9% vs. 4.3% prior.
• The US passed bills to prevent a government shutdown following Friday’s session.
• Traders will focus on the US ISM Manufacturing PMI, the Fed Chair Powell’s speech.

Gold price (XAU/USD) extends its downside and trades in negative territory for the sixth consecutive day during the early Asian trading hours on Monday. The renewed US Dollar (USD) demand exerts some selling pressure on USD-denominated Gold price. The precious metal currently trades near $1,846, losing 0.12% on the day. Meanwhile, the US Dollar Index (DXY), a measure of the value of the USD relative to a basket of foreign currencies, holds above 106.25 after retracing the low of 105.65 on Friday.