USD/JPY breaks above confluence resistance on Monday, bolstered by higher U.S. yields. Meanwhile, the S&P 500 struggles at the 4,200 level, with bulls and bears battling for control of the market.

Gold prices retreat as U.S. ISM manufacturing data weakens the case for a Fed pause, triggering a sharp rally in U.S. Treasury yields.

The gold price slipped at the open on Monday as traders prepare for the Fed’s interest rate decision and the potential for impact across the yield curve and on the US Dollar.