XAU/USD Gold Price Forecast: Downside pressure through upbeat US macroeconomic data

• Gold price stays in bearish mode, approaching $1,800 psychological support.

• US Dollar stays dominant across the board as US macroeconomic data keeps beating expectations.

• ISM Manufacturing and Services PMI releases headline a mid-tier economic data week.

Gold price has opened the week quietly, treading waters above the round $1,800 figure, which is providing immediate support. The bright metal lost value to the US Dollar on all five trading days last week, seeing its biggest sell-off on Friday after the US Personal Consumption Expenditures (PCE) inflation release, the Fed’s preferred indicator, clearly beating expectations.

This week, a bunch of mid-tier United States macroeconomic releases could help shape how much more room Gold price can have to the downside ahead of the crucial March 22 Federal Reserve (Fed) meeting. The US central bank probably will take all the data into account before delivering its next monetary policy plan – the now famously known as dot plot – although next two weeks with Nonfarm Payrolls and Consumer Price Index should be more impactful.