Gold price (XAU/USD) looks for a cushion after facing a sell-off as Federal Reserve (Fed) policymakers continue to favor further policy tightening due to the resilient United States economy. The precious metal struggles for a firm footing as Fed policymakers expect that additional efforts will likely be needed to bring inflation back to the desired rate as decent labor demand and robust consumer spending momentum keep price pressures high. While fears of a global slowdown continue to build pressure on risk-sensitive assets, the US Dollar and Treasury yields remain upbeat on the Fed’s “higher for longer” interest-rate stance.

Going forward, investors will focus on the US Durable Goods Orders data on Wednesday, which will provide guidance about the health of the country’s manufacturing sector. Gold price discovers an intermediate support near $1,910.00 but the overall trend is sideways amid uncertainty over the interest rate outlook. On a daily chart, the precious metal auctions in a Symmetrical Triangle chart pattern, which demonstrates a volatility compression. The 200-day Exponential Moving Average (EMA) around $1,910.00 continues to act as a major support for Gold price, while the 50-day EMA near $1,927.00 is acting as a major resistance.