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On the first day of the week, the precious metal is attempting to attract some buyers to break a three-day losing streak.
The anticipation of a Fed rate cut in September, along with US President Joe Biden's exit from the presidential race, is prompting investors to unwind some positions, betting on a Trump victory. This, in turn, is causing dollar bulls to take a defensive stance, providing some support for the commodity.
Additionally, geopolitical risks and concerns about slowing economic growth in China should further benefit the safe-haven asset, gold.
However, the XAU/USD pair lacks buying strength as traders await the release of the US Personal Consumption Expenditures (PCE) price index data, which will be published on Friday. This data will give clues about the Fed's policy direction and determine the short-term trajectory of gold prices.
From a technical standpoint, last week's corrective decline from the historical high stalled at horizontal support around $2390. This area nearly coincides with the 100-period Simple Moving Average (SMA) on the 4-hour chart, which now acts as a key support point for short-term trades.
A convincing break below this level will pave the way for deeper losses towards the 50-day SMA zone around $2350-2360. Further selling could expose the 100-day SMA before the XAU/USD pair falls to the round figure of $2300.
On the other hand, any subsequent northward movement will encounter minor resistance near $2415, above which short-covering could lift the price to the round figure of $2400, approximately to the region of $2437-2438. Sustained strength beyond $2400 could provide a new impetus for bulls, setting the stage for overcoming the historical high with some intermediate resistance.
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