XAUUSD Strategy for the new day

XAUUSD Gold price attracts some selling following an early uptick to the $1,946 area during the Asian session on Monday and drops to a fresh daily low in the last hour. The XAU/USD currently trades around the $1,940 region and for now, seems to have stalled its modest recovery move from the lowest level since July 11 touched on Friday.

The closely-watched monthly jobs data from the United States (US) showed that the economy maintained a moderate pace of job growth in July. Furthermore, the readings for May and June were revised down, suggesting that demand for workers was slowing. This halted the recent surge in Treasury yields and weighed heavily on the US Dollar (USD) on Friday, which was seen as a key factor that prompted some short-covering around the Gold price.

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