That said, a softer tone around the US Treasury bond yields is holding back the USD bulls from placing aggressive bets and lending support to Gold price. Furthermore, a fresh leg down in the equity markets further contributes to limiting the downside for the precious metal. The prospects for further policy tightening by the Fed fuel worries about economic headwinds stemming from rising borrowing costs, which, in turn, tempers investors' appetite for riskier assets and boosts demand for traditional safe-haven assets, including the XAU/USD.
There isn't any relevant market-moving economic data due for release from the US on Monday, leaving the USD at the mercy of the US bond yields. Apart from this, traders will take cues from the broader risk sentiment to grab short-term opportunities around the Gold price. Nevertheless, the aforementioned fundamental backdrop and the lack of any meaningful buying suggests that the path of least resistance for the XAU/USD is to the downside.
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