Gold (XAU/USD) struggles to capitalize on its modest Asian session gains to a three-day peak and attracts some intraday sellers near the $3,375 region. The global risk sentiment remains well supported by the optimism over an extension of the US-China trade truce for another three months and the US-Russia summit on Friday aimed at ending the war in Ukraine. This, in turn, acts as a headwind for the safe-haven precious metal. However, a combination of supporting factors favors bullish traders and backs the case for the emergence of some dip-buying.
The US Dollar (USD) selling bias remains unabated in the wake of the growing acceptance that the US Federal Reserve (Fed) will lower borrowing costs in September. Furthermore, traders have been pricing in the possibility that the Fed will cut interest rates twice by the end of this year, which, in turn, should continue to act as a tailwind for the non-yielding Gold. This makes it prudent to wait for some follow-through selling before confirming that the recent bounce from the $3,331 area, or over a one-week low touched on Tuesday, has run out of steam.
Source : Fxstreet
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