“¢ A subdued USD price action helps to gain some positive traction. “¢ Cautious mood further benefits commodity’s safe-haven demand. “¢ Fed rate hike prospects/positive US bond yields seemed to cap gains. Gold gained some positive traction at the start of a new trading week and recovered a part of Friday’s downslide to fresh YTD lows. A combination of supporting factors eased the bearish pressure and helped the precious metal to stall its recent decline just ahead of the 200-week SMA support. A softer US Dollar, which retreated farther from two-week tops set on Friday, was seen underpinning demand for dollar-denominated commodities – like gold. This coupled with a cautious sentiment around equity markets extended some additional support to the precious metal’s safe-haven appeal and further collaborated to a modest rebound. Meanwhile, firming gradual Fed rate hike prospects, evident from a goodish pickup in the US Treasury bond yields capped any strong follow-through up-move for the non-yielding yellow metal. The Fed Chair Jerome Powell’s testimony on the Semiannual Monetary Policy Report, scheduled on Tuesday and Wednesday, might offer fresh clues over the central bank’s near-term monetary policy outlook and eventually provide some fresh directional impetus. In the meantime, traders will look forward to the release of US monthly retail sales data, a key highlight from today’s economic docket, in order to grab some short-term opportunities. Technical levels to watch A follow-through up-move beyond $1247 area is likely to lift the commodity back towards $1252-53 supply zone en-route the next major hurdle near the $1258 region. On the flip side, $1240 level might protect the immediate downside, which if broken might drag the metal further towards 200-week SMA support near the $1234 region. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP futures: upside corrective near term FX Street 5 years "¢ A subdued USD price action helps to gain some positive traction. "¢ Cautious mood further benefits commodity's safe-haven demand. "¢ Fed rate hike prospects/positive US bond yields seemed to cap gains. Gold gained some positive traction at the start of a new trading week and recovered a part of Friday's downslide to fresh YTD lows. A combination of supporting factors eased the bearish pressure and helped the precious metal to stall its recent decline just ahead of the 200-week SMA support. A softer US Dollar, which retreated farther from two-week tops set… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.