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The US Dollar is under strong selling pressure as the Federal Reserve's (Fed) monetary policy decision approaches, with XAU/USD advancing beyond $2,050 a troy ounce.
The MACD crossover is an effective indicator in trending markets as it assists traders in identifying the momentum and the direction of the trend.
The US Dollar is once again appreciating during the American session, resulting in XAU/USD retreating from a fresh weekly high of $2,048.64 achieved following the release of United States (US) data.
The Euro is the weakest US Dollar rival at the beginning of a new week, as the EUR/USD pair barely holds above the 1.0800 mark.
Gold price gapped higher at the weekly opening, with XAU/USD advancing up to $2,037.46 in the European session, as the US Dollar started the week with a soft tone.