XAU/USD Remains Range-Bound Amid USD Strength and Geo Tensions
Gold (XAU/USD) continues its consolidative movement below the $2,750 mark as it struggles to break out of its current trading range during the European session on Wednesday. This sideways trend is supported by profit-taking in the US Dollar, which has slightly softened after reaching its highest levels since July. The slight pullback in US Treasury yields, alongside ongoing Middle Eastern geopolitical tensions, provides some demand for gold as a safe-haven asset.
However, the upside for XAU/USD remains limited due to strong bullish momentum behind the USD, which is underpinned by increased odds of a potential Donald Trump victory in the upcoming US presidential election. Additionally, concerns about the US deficit and expectations that the Federal Reserve may not adopt aggressive easing measures continue to bolster US Treasury yields, strengthening the dollar further. Given this backdrop, any positive intraday movement in gold is likely to be viewed as a selling opportunity, keeping the precious metal confined within its current range.
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However, the upside for XAU/USD remains limited due to strong bullish momentum behind the USD, which is underpinned by increased odds of a potential Donald Trump victory in the upcoming US presidential election. Additionally, concerns about the US deficit and expectations that the Federal Reserve may not adopt aggressive easing measures continue to bolster US Treasury yields, strengthening the dollar further. Given this backdrop, any positive intraday movement in gold is likely to be viewed as a selling opportunity, keeping the precious metal confined within its current range.
Thanks for your time <3
Trade with Cation !!
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