The precious metal was seen trading rather muted on Monday but nonetheless closed red. In the early Asian trading session, gold prices were seen resuming the declines as the momentum accelerated. Investors await two crucial central bank meetings that includes the ECB’s monetary policy meeting this Wednesday and the FOMC meeting next week
Has XAUUSD formed a top?
The precious metal’s sharp rally to the upside saw prices reversing rather quickly. Given the fact that gold slipped below the support area of 1431 – 1428, we expect price to post declines further. The lower support at 1404 will be the initial target. We expect the declines to stall near this support in the short term.
