Gold (XAU/USD) retreats slightly after touching a fresh all-time high earlier this Tuesday, though any meaningful corrective slide seems elusive amid a supportive fundamental backdrop.
The US Dollar (USD) attracts some buyers for the second straight day and turns out to be a key factor undermining demand for the commodity. Apart from this, the underlying bullish sentiment contributes to capping the safe-haven bullion amid still overbought conditions on short-term charts.
However, the growing acceptance that the US Federal Reserve (Fed) will lower borrowing costs two more times this year might keep a lid on any meaningful USD and act as a tailwind for the non-yielding Gold.
Furthermore, the ongoing US government shutdown should keep demand for safe-haven precious metal in play amid rising trade and geopolitical tensions. This, in turn, warrants some caution before confirming that the XAU/USD pair has topped out in the near term.
Source : Fxstreet
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