Gold drifts below $4,100 amid risk-off mood, bears exhausted

Gold (XAU/USD) continues to slide on Monday, with the precious metal drifting below the $4,100 mark. The decline is driven by a risk-off market mood, fueled by escalating tensions between the US and Iran, which is boosting safe-haven demand for the US dollar and weighing on gold.

However, technical analysts suggest that the selling pressure may be waning. The bears are starting to look exhausted, indicating that the downward momentum could be losing steam. A potential bounce or consolidation could be on the horizon, but the immediate trend remains bearish as geopolitical risks keep investors cautious.