Institutional interest in bullion remains subdued as traders reassess the likelihood of near-term Fed action. Retail sales and PPI data showed enough resilience to keep growth concerns at bay, while sticky inflation expectations may force policymakers to stay cautious. Without a decisive dovish pivot or renewed geopolitical stress, gold is likely to remain under pressure.<\/p>\n
Unless upcoming Fed commentary pushes back clearly against rising real rates or reaffirms a near-term policy shift, capital rotation toward risk assets and away from gold will likely persist. With safe-haven demand cooling and inflation uncertainty elevated, gold faces continued headwinds in the short term.<\/p>\n
Technically, XAU\/USD is still in an uptrend, but momentum has shifted to the downside.<\/p>\n
A sustained move under the pivot at $3166.46 is likely to extend the selling pressure this week towards the next major pivot at $3018.52.<\/p>\n
Traders are expected to continue to buy the dips into support, but unlike previous similar moves, they are being met by traders selling the rallies.<\/p>\n
The major support is the swing bottom at $2956.56. If this price fails then look out to the downside with the 52-week moving average at $2707.24 the next like target.<\/p>\n