Gold (XAU/USD) prices struggled to gain any meaningful traction during the Asian session on Tuesday (March 25), albeit held above the psychological $3,000 mark amid mixed fundamental cues. The US Dollar (USD) held on to its recent recovery from multi-month lows and hovered near three-week highs touched on Monday. Moreover, the upbeat market mood, supported by hopes for less disruptive US trade tariffs, a Russia-Ukraine peace deal, and optimism over Chinese stimulus, acted as a headwind for the safe-haven precious metal.
Meanwhile, growing acceptance that the Federal Reserve (Fed) will soon resume its interest rate-cutting cycle, amid concerns over a tariff-driven US economic slowdown, held USD investors from placing aggressive bets. This, in turn, was seen lending some support to the non-yielding Gold prices. Hence, it would be prudent to wait for a sustained breakout and acceptance below the $3,000 mark before confirming that XAU/USD has topped out in the near term and positioning itself for an extension of the recent pullback from all-time tops.(Newsmaker23)
Source: FXstreet
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