Unique Fintech Inc and lidoma team analyze shows that the price of gold at the beginning of the week on Monday, persistently in a three-day downtrend, is trying for a mild bounce.
On the other side of the game, the US dollar (USD) has halted its rally as US currency bulls take a breather after hitting a weekly high last Friday.
Also, the US dollar stabilized last week's rise.
The U.S. dollar is consolidating recent gains this Monday and continues to push for a rebound amid sluggish U.S. Treasury yields. In recent days, the U.S. currency extended Friday's rally as a decline in U.S. consumer sentiment data fueled concerns about slowing economic growth amid a prolonged withdrawal from the U.S. government's debt ceiling.
In the data outlook, the University of Michigan's (UoM) preliminary index of consumer sentiment fell to 57.7 from 63.5 last month, the lowest reading since November and weaker than forecasts. Reuters noted that the decline in sentiment stemmed from concerns that political bargaining over raising the federal government's debt ceiling could trigger a recession.