Gold (XAU/USD) maintains its offered tone below the weekly high touched earlier this Thursday, though it manages to defend the $4,200 mark heading into the European session. The US Dollar (USD) stalls its post-FOMC decline and stages a modest recovery from its lowest level since October 24. This, along with the underlying bullish sentiment, turns out to be a key factor exerting some downward pressure on the precious metal.
However, the Federal Reserve's (Fed) dovish outlook might keep a lid on any meaningful USD appreciation and act as a tailwind for the non-yielding Gold. Apart from this, persistent geopolitical uncertainties stemming from the protracted Russia-Ukraine war should help limit the downside for the safe-haven commodity. This, in turn, warrants some caution for the XAU/USD bears and positioning for a deeper corrective decline. (az)
Sumber: FXstreet
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