Wait for Sell at the confluence of Trend + EMA + Keylevel

The XAUSUD precious metal market had a relatively lackluster start to the week, trading below $1,950/ounce while waiting for the vote on the debt ceiling agreement. A preliminary agreement on the debt ceiling in the US has eased concerns about default, which has weighed on safe-haven assets.

The market continues to anticipate an interest rate hike in the US in June, with further increases in July. This will lead to a strong increase in the value of the USD, putting pressure on the global gold price.

Non-interest assets like gold tend not to be preferred by investors in the context of rising interest rates. The US Dollar Index has also risen to near its highest level in two months, putting pressure on the gold price. A stronger USD makes the yellow metal more expensive for those holding other currencies.