Gold price (XAU/USD) struggles to build on modest intraday gains, though it manages to hold above the $3,000 psychological mark through the first half of the European session on Tuesday.
The global risk sentiment remains well supported by hopes for less disruptive US trade tariffs, optimism over the Russia-Ukraine peace deal, and China's stimulus measures.
Furthermore, the US Dollar (USD) preserved its recent recovery gains to a near three-week high touched on Monday, which, in turn, acts as a headwind for the precious metal.
However, the growing acceptance that the Federal Reserve (Fed) will resume its rate-cutting cycle soon holds back the USD bulls from placing aggressive bets and lends some support to the non-yielding Gold price.
Adding to this, the lack of follow-through selling below the $3,000 pivotal point warrants some caution before confirming that the XAU/USD has topped out in the near term and positioning for an extension of the recent pullback from the all-time peak. Traders now look forward to the US economic releases for short-term opportunities.
Source: FXStreet
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