After closing below the $1,750 level last week, the price of gold is considered vulnerable, especially amid hawkish comments from the Fed and coronavirus problems in China strengthening the U.S. dollar.
Early in the week, the price of gold is experiencing weekly lows below the $1,750 mark.
On Monday, gold continued to lose ground for the fourth consecutive trading day as the U.S. dollar continued to show a rebounding trend, backed by support from the general public who prefer not to take risks. As FXStreet's senior analyst and head of Asian sessions notes, with China imposing covid restrictions and the Fed's hawkish attitude on final rates, investors remain vigilant.
Meanwhile, Atlanta Fed Chairman Rafael Bostic said Saturday that he believes the Fed's target rate should be raised by up to one more percentage point to combat inflation.
As for the future outlook, market participants are waiting for the minutes of the November Fed meeting, which will give fresh hints on the central bank's policy.