XAU/USD: Gold Off to a Slow Start Ahead of Busy Week

The precious metal pared back some gains as gold bugs anticipated a roster of economic news.

• Gold treaded water Monday and remained flat Tuesday as investors were bracing for elevated volatility in the face of what’s coming. Trepidation is felt not only in the gold market, but also in silver and some corners of the currency market as well as in stock dealmaking.
• Jay Powell, chief of the Federal Reserve, is lurking in the near distance, getting ready to deliver a speech before Congress during his scheduled appearances on Tuesday and Wednesday. His remarks will be followed by the key jobs report slated for release on Friday.
• Coming off from a three-week high, the yellow commodity slipped to a weekly low of $1,844. Gold traders swooped in to support the price, buoying it by about $5 but those uncertainties ahead might quickly change the narrative over gold’s performance in the short-term.