Gold price (XAU/USD) attracts some buyers for the second straight day on Thursday and retains its positive bias through the first half of the European session.
The US Dollar (USD) selling remains unabated amid reports that US President Donald Trump was considering replacing Federal Reserve (Fed) Chair Jerome Powell, fueling concerns about the future independence of the central bank.
Adding to this, bets that the Fed will resume its rate-cutting cycle as early as July drags the USD to over a three-year low and benefits the non-yielding yellow metal.
Meanwhile, the latest optimism over a ceasefire between Israel and Iran continues to underpin the global risk sentiment. This, in turn, might hold back the XAU/USD bulls from placing aggressive bets and cap any further gains.
Hence, it will be prudent to wait for strong follow-through buying before confirming that the Gold price has bottomed out and positioning for a further recovery from sub-$3,300 levels, or a two-week low touched on Tuesday. Traders now look forward to US macro data and speeches by influential FOMC members for a fresh impetus.
Source: FXStreet
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