Gold (XAU/USD) prices attracted some dip-buying following the previous day's decline from the $2,665 resistance zone, albeit lacked any follow-through or bullish conviction.
The US Dollar (USD) bulls turned cautious and preferred to wait for the release of the FOMC Meeting Minutes before placing fresh bets.
Additionally, uncertainty surrounding US President-elect Donald Trump's tariff plans, trade war fears, geopolitical tensions, and a softer risk tone turned out to be key factors that acted as a tailwind for the safe-haven bullion.
Meanwhile, the Federal Reserve's (Fed) hawkish signal that it will slow the pace of interest rate cuts in 2025 continued lifting the US Treasury bond yields.
This, in turn, should act as a tailwind for the USD and hold traders from placing any aggressive bullish bets around the non-yielding Gold prices. Hence, it would be prudent to wait for a sustained strength beyond the $2,665 mark before positioning for an extension of the over two-week-old uptrend. However, the fundamental backdrop calls for caution for bearish traders.
Source: FXStreet
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