A combination of factors exerted some downward pressure on gold. The downside remains cushioned amid a slump in the US bond yields. Investors now look forward to the US economic data for a fresh impetus. Gold witnessed a modest pullback from weekly tops and dropped to fresh session lows, around the $1631 region during the early European session. A combination of factors failed to assist the commodity to build on the previous day’s strong positive move, marking the biggest single-day gains since June 2016 recorded in the wake of the Fed’s surprise move to cut interest rates by 50bps. The downside is likely to remain limited A positive mood around equity markets undermined demand for traditional safe-haven assets, including gold. This coupled with a goodish pickup in the US dollar demand turned out to be the key factors exerting some pressure on the dollar-denominated commodity. However, a relentless fall in the US Treasury bond yields, dragging the yield on the benchmark US 10-year government bond below the 1.0% handle, or fresh lows, might lend some support to the non-yielding yellow metal and help limit deeper losses. Hence, it will be prudent to wait for some strong follow-through selling before traders again start positioning for any further near-term depreciating move. Moving ahead, investors now look forward to the US economic releases for a fresh impetus. Wednesday’s US economic docket highlights the release of the ADP report on private-sector employment. This will be followed by the ISM Non-Manufacturing PMI, which might produce some meaningful trading opportunities later during the early North-American session. 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 GBP/USD: Vulnerable below 1.2700 FX Street 3 years A combination of factors exerted some downward pressure on gold. The downside remains cushioned amid a slump in the US bond yields. Investors now look forward to the US economic data for a fresh impetus. Gold witnessed a modest pullback from weekly tops and dropped to fresh session lows, around the $1631 region during the early European session. A combination of factors failed to assist the commodity to build on the previous day's strong positive move, marking the biggest single-day gains since June 2016 recorded in the wake of the Fed's surprise move to cut interest rates by 50bps. The… 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.