Gold (XAU/USD) sticks to its strong intraday gains comfortably above the $3,700 mark, or a record high, through the first half of the European session on Monday and seems poised to appreciate further amid a supportive fundamental backdrop.
The US Federal Reserve's (Fed) dovish signal, indicating that two more rate cuts would follow through the end of this year, keeps a lid on the recent US Dollar (USD) recovery from a multi-year low and acts as a tailwind for the non-yielding yellow metal.
Apart from this, geopolitical risks stemming from the intensifying Russia-Ukraine war turn out to be another factor driving safe-haven flows towards Gold. Bulls, meanwhile, seem rather unaffected by a generally positive risk tone, which tends to undermine demand for the XAU/USD pair.
This, in turn, suggests that the path of least resistance for the precious metal remains to the upside, though still overbought conditions warrant caution for bulls ahead of Fedspeak later today.
Source: Fxstreet
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