Gold Price News and Forecast: XAU/USD is trading 0.70% higher at the start of the week despite performing poorly last week

FXStreet Team FXStreet

Gold Price Analysis: Don't get too excited there are still some key levels to break

Gold has pushed higher on Monday as there has been a good retracement in the greenback at the start of the week. The price has been making lower lows and lower highs since hitting the all-time high back on 6th August. It could be an interesting September for gold especially leading into the US election.

XAU/USD analysis: Remains above 1,850.00

Since Thursday, the XAU/USD exchange rate has been trading sideways around the monthly S1 at 1,862.47.

Given that yellow metal is pressured by the 55– and 100-hour moving averages in the 1,870.00 area, it is likely that some downside potential could prevail in the market.

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