• Gold follows the general commodity pack lower on Monday. 
• Traders weigh US economic data with Fedspeak to model future interest rates in the US, a key driver for Gold.
• XAU/USD continues forming a bearish Head-and-Shoulders pattern on the daily chart. 

Gold (XAU/USD) trades marginally lower in the $2,320s on Monday as it joins a broad sell-off in commodities sparked by a run of poor Chinese economic data. The possibility that US interest rates might remain high for the foreseeable future further weighs on the precious metal. 

At their policy meeting last Wednesday, US Federal Reserve (Fed) officials expressed reluctance to signal future cuts to interest rates due to persistent inflation. This, in turn, keeps the opportunity cost of owning non-yielding Gold high, and strengthens the US Dollar, in which Gold is priced.