Gold price (XAU/USD) extends its steady intraday retracement slide from a nearly two-week high touched earlier this Thursday and slides to the lower end of its daily range during the first half of the European session.
The pullback lacks any fundamental catalyst and is more likely to remain limited amid a combination of supporting factors. Investors now seem convinced that the Federal Reserve (Fed) will lower borrowing costs further in 2025, which might continue to act as a tailwind for the non-yielding yellow metal.
Apart from dovish Fed expectations, growing worries about rising US deficit amid US President Donald Trump's tax bill and a sluggish US economic growth outlook on the back of renewed US-China trade tensions weigh on the US Dollar (USD).
This could further offer support to the Gold price and support prospects for an extension of the weekly uptrend. Hence, any subsequent fall might still be seen as a buying opportunity and is more likely to be limited as traders now look forward to the US macro data for a fresh impetus.
Source: Fxstreet
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