Gold (XAU/USD) recovered most of its intraday losses and traded with a mild negative bias, around the $2,760 area during the first half of the European session on Monday (1/27). US President Donald Trump's decision to impose tariffs on all imports from Colombia revived trade war fears and triggered a fresh wave of global risk-off trade. Additionally, falling US Treasury bond yields, amid bets that the Federal Reserve (Fed) will cut interest rates twice this year, provided additional support to the non-yielding yellow metal.
That said, a decent recovery in the US Dollar (USD) from over one-month lows touched on Friday might hold traders back from placing fresh bullish bets around Gold prices. That said, the above-mentioned fundamental backdrop seems to be tilted firmly in favor of XAU/USD bulls and suggests that the path of least resistance for the bullion remains to the upside. Hence, a move towards the all-time high, around the $2,790 area, looks like a real possibility. Traders are now eyeing the US economic data for fresh impetus. (AL)
Source: FXstreet
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