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Following a slow start to the week, the XAU/USD pair dropped to $1265 in the Asian session but didn't have a tough time retracing its losses as the price action seemed merely technical. At the moment, the pair is trading at $1273, adding $3, or 0.22%, on the day.
Although the US Dollar Index is preserving its gains from last Friday's rally on Friday, a sharp increase witnessed in the XAU/EUR pair seems to help the precious metal find demand on Monday. While the DXY is up 0.07% on the day at 94.490, the XAU/EUR pair is up €5, or 0.45%, at €1099.
Meanwhile, following a positive start to the week, major equity indexes in the U.S. are struggling to extend their gains, pointing to a neutral market sentiment. At the moment, the Dow Jones Industrial Average is flat around 23,540 points while the S&P 500 is up 0.15%.
Later in the session, New York Fed President William Dudley is going to be delivering a speech, which is unlikely to trigger any sharp fluctuations. The economic calendar won't be offering any significant data that could impact the price action on Tuesday either, leaving the pair at the mercy of the risk appetite.
Technical levels to consider
Unless the pair makes a daily close below the critical 200-DMA, which is located at $1268, the pair could extend its recovery gains toward $1278 (20-DMA), $1291 (Oct. 19 high) and $1300. On the downside, supports are located at $1268 (200-DMA), $1260 (Oct. 6 low) and $1251 (Aug. 8 low). The CCI indicator on the daily graph is inching higher towards the 0 mark, suggesting a short-term neutral outlook.
