A strong pickup in the USD demand exerted some heavy pressure on gold. Bulls seemed rather unimpressed by a fresh leg down in equity markets. Gold continued losing ground through the mid-European session and dropped to 1-1/2-week lows, around the $1921 region in the last hour. The precious metal failed to capitalize on the previous week’s modest gains, instead came under some renewed selling pressure on the first day of a new trading week amid a strong pickup in the US dollar demand. Worries about the second wave of the coronavirus infections boosted the greenback’s status as the global reserve currency, which, in turn, weighed heavily on the dollar-denominated commodity. Bulls failed to gain any respite from a selloff in the global equity markets, which tends to underpin demand for the safe-haven precious metal. The risk-off mood was further reinforced by a steep decline in the US Treasury bond yields, albeit did little to lend any support or revive demand for the non-yielding yellow metal. Meanwhile, the latest leg of a sudden fall over the past hour or so could further be attributed to some technical selling below the $1930-28 horizontal support. Hence, some follow-through weakness towards challenging monthly lows, around the $1906 region, now looks a distinct possibility. There isn’t any major market-moving economic data due for release from the US on Monday. Hence, the key focus will be on the Fed Chair Jerome Powell’s scheduled speech. Powell’s speech will be closely scrutinized for clues about the central bank’s near-term monetary policy outlook and produce some meaningful trading opportunities. Technical levels to watch 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 US: Chicago Fed National Activity Index slumps to 0.79 in August vs. 1.95 expected FX Street 2 years A strong pickup in the USD demand exerted some heavy pressure on gold. Bulls seemed rather unimpressed by a fresh leg down in equity markets. Gold continued losing ground through the mid-European session and dropped to 1-1/2-week lows, around the $1921 region in the last hour. The precious metal failed to capitalize on the previous week's modest gains, instead came under some renewed selling pressure on the first day of a new trading week amid a strong pickup in the US dollar demand. Worries about the second wave of the coronavirus infections boosted the greenback's status as the global reserve… 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.