Gold (XAU/USD) prices struggled to capitalize on its modest intraday uptick to the $2,600 range, albeit managed to hold in the positive territory through the early European session on Monday (18/11). Concerns over escalating geopolitical tensions, coupled with a weaker US Dollar (USD), turned out to be key factors that acted as a tailwind for the safe-haven precious metal. However, expectations of a less dovish Federal Reserve (Fed) capped gains for the yellow metal that did not deliver a balanced outcome.
Investors remain hopeful that US President-elect Donald Trump's expansionary policies will boost inflation and limit the scope for further interest rate cuts by the Fed. This remained supportive of the US Treasury bond yields and benefitted USD investors, which in turn, held traders back from placing bullish bets around Gold prices. Hence, it would be prudent to wait for a strong follow-through buying before positioning for any further recovery from the two-month lows touched last week.
Source: FXStreet
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