XAUUSD

The precious metal will have to struggle this week against its biggest enemies: high interest rate expectations and a strong Dollar theme. Spot Gold is among the instruments that will be directly negatively affected by the hawkish messages from Fed Chairman Powell this evening and the strong employment data to be released on Friday. Especially a job report showing that the labor market remains strong will support the Fed's policy of keeping interest rates high, completely eliminating the appeal of a non-yielding asset like Gold. In this environment, it would not be surprising to see continued selling pressure on Gold, testing psychological support levels like 3300 dollars.