What factors are holding back the increase in gold prices?

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• Gold prices (XAU/USD) attracted buyers in early trading on Monday, ending a three-day decline from last week's record high. Dovish expectations from the Federal Reserve (Fed) and President Joe Biden's withdrawal from the presidential race have caused some investors to cancel bets on a Trump victory. This reduces the strength of the US dollar and supports gold prices.
  

• In addition, concerns about slowing economic growth in China, geopolitical risks from the prolonged Russia-Ukraine war and conflict in the Middle East also contributed to raising gold prices. These factors continue to drive demand for gold as a safe-haven asset.
  

• However, XAU/USD is yet to see a strong buying move as traders await US Personal Consumption Price Index (PCE) data on Friday. This data will provide clues about Fed policy, which will determine the near-term trajectory for gold prices.
  

Note price range:

Buy zone: 2392 - 2390
Stop loss: 2386
Take profit 1: 2400
Take profit 2: 2410

Buy zone: 2430- 2432
Stop loss: 2436
Take profit 1: 2420
Take profit 2: 2410

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Nota

Gold (XAU/USD) is under bearish pressure after breaking the key $2,400 level, currently trading below $2,390. Technical developments appear to be leading to further price declines, especially as there are no fundamental drivers supporting gold prices at this time. This can be related to market psychology and technical factors such as support and resistance levels.

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Nota

Gold prices extended their recent correction from record highs hit last week and fell to their lowest in more than a week on Monday. US President Joe Biden's withdrawal from the 2024 Presidential election has increased the chances of Donald Trump becoming the next US President, raising hopes of a looser regulatory environment.