On Monday, spot gold prices continued to decline, with XAU/USD trading around $2,390. The precious metal peaked last week at a record high of $2,483.63, then fell to current levels. The US dollar gained strength after Wall Street opened, while stocks recovered after one of their worst weeks of the year.
Optimism seems to be favoring the USD despite the political noise from the weekend. President Joe Biden has decided to resign from the presidential race, which has boosted hopes of a victory for Donald Trump, who is known to be more "pro-market".
Meanwhile, upcoming headline US economic figures keep investors in wait-and-see mode. This week, the country will release its first estimate of second-quarter Gross Domestic Product (GDP), along with an adjustment to the Fed's preferred inflation measure for the first quarter, the Personal Consumer Price Index. (PCE). Additionally, the US will release June PCE inflation on Friday.
Interesting price areas:
Buy zone: 2373 - 2371
Stop loss: 2369
Sell zone: 2431 - 2433
Stop loss: 2437
Buy scalp: 2386 - 2384
Sell scalp: 2422 - 2420
Resistance : 2420 - 2431 - 2436 - 2450
Support : 2385 - 2375 - 2368 - 2360
Upper border breakout: 2411 - 2421
Lower border breakout: 2394 - 2384
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