Gold (XAU/USD) kicks off the week on a cautious footing, oscillating within its established $3,900-$4,050 range as traders weigh an evolving macroeconomic backdrop. At the time of writing, XAU/USD is trading around $4,008 after briefly slipping to $3,962 earlier in the Asian session.
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Gold struggles to attract follow-through buying as the US Dollar (USD) remains broadly supported by the Federal Reserve’s (Fed) hawkish tilt. The central bank lowered interest rates by 25-basis-points (bps) at last week’s Federal Open Market Committee (FOMC) meeting but signaled that further easing this year is unlikely. This stance has lifted the Greenback across the board, with traders scaling back expectations of another rate cut in December.
At the same time, improving risk appetite and firmer global equities limit Bullion’s upside potential. The de-escalation in the US-China trade conflict has reduced demand for traditional safe-haven assets for now. However, the broader trend still tilts to the upside, underpinned by sustained institutional demand and persistent geopolitical and economic uncertainty that continue to anchor long-term support for the precious metal.
Keep Eye on Hurdel Key $1347——1354 Levels,
IF Close 3 Days Above $1354 level + Weekly Closing
We See Ultimate Target $1382—$1400 levels very very soon.
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Read More: Gold Spot Forecast Target $1288——$1304