• Gold Price fades corrective bounce off one-month low, stays below jungle of resistances.
• Hawkish Fed talks, pre-data positioning defend US Dollar bulls and weigh on XAU/USD price.
• US inflation clues will be crucial to determine September Fed rate hike and can drown XAU/USD towards $1,915 support confluence.
• Post-NFP fall joins fears of Fed policy pivot, China stimulus to put a floor under the Gold Price.

Gold Price (XAU/USD) remains on the backfoot as it retreats toward a $1,915 support confluence amid a broad US Dollar rebound, as well as mixed mood, ahead of the scheduled inflation clues from the US, China, Australia and New Zealand. Also important will be this week’s UK growth numbers and China trade data as the market struggles for clear directions.

It’s worth noting that Friday’s downbeat prints of the US Nonfarm Payrolls (NFP) joined the mixed Fed signals to trigger the US Dollar’s retreat from a multi-day high, which in turn allowed the Gold Price to recover from a multi-day-old support line. However, the weekend comments from Fed Governor Michelle Bowman appear hawkish and join the looming geopolitical fears surrounding China to exert downside pressure on the XAU/USD.

Apart from that, the Gold market’s consolidation ahead of festive demand from India, one of the key customers of XAU/USD, also keeps the metal prices down ahead of the key data/events from the US.

That said, the XAU/USD traders should keep their eyes on Thursday’s US Consumer Price Index (CPI) and Friday’s Producer Price Index (PPI) for July for clear directions. Should the inflation data arrive as positive, the Gold sellers can break the stated key support line stretched from October 2022, which in turn will be detrimental for the bulls