Gold (XAU/USD) struggles to capitalize on its intraday bounce from the $3,627-3,626 region and trades with a negative bias through the first half of the European session on Monday.
Rising bets for a more aggressive policy easing by the Federal Reserve (Fed) keep the US Dollar (USD) depressed near its lowest level since July 24 and might continue to act as a tailwind for the non-yielding yellow metal. Apart from this, rising geopolitical tensions turn out to be another factor lending some support to the safe-haven commodity.
The XAU/USD pair, however, remains confined in a one-week-old trading range as traders opt to wait for more cues about the Fed's rate-cut path before placing fresh directional bets amid still overbought conditions in the daily chart.
Hence, the focus remains on the outcome of a two-day FOMC meeting on Wednesday. In the meantime, a positive risk tone is seen acting as a headwind for the Gold price. Nevertheless, the supportive fundamental backdrop suggests that any corrective slide might still be seen as a buying opportunity.
Source: Fxstreet
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