• Gold is extending declines on moody markets going risk-off.
• Interest rate concerns driving the price of bullion as Treasury yields climb.
• Gold spot prices set to challenge eight-month lows if downside resumes.

The XAU/USD is down $20 per ounce for Monday, declining to $1,830.00 on the charts as Gold continues its decline. Gold spot prices are set to close in the red for the sixth consecutive trading day, and the XAU/USD has closed flat or bearish for nine of the last ten daily candles.

Gold remains significantly oversold on the charts as investors flock to safer havens in the face of rising interest rates and US Treasury yields consistently tapping into new highs. 

Gold traders will be quick to note that much of the downside for XAU/USD is largely based on market concerns of a global economic slowdown, and if broader market sentiment is able to shrug off the jitters, Gold spot could easily see a rebound.

While the Federal Reserve (Fed) is set to hold interest rates higher for longer, it would take a notable appreciation in inflation expectations moving forward to drive the Fed into a new rate hike cycle, and investors will be hoping that a lack of upside shifts in the Fed's rate expectations, or the "dot plot", will cap further losses for the precious metal