Gold price remains confined in familiar trading range above $2,900 mark
Gold price (XAU/USD) continues with its struggle to gain any meaningful traction during the Asian session on Monday and remains confined in a familiar range held over the past week or so.
The downside, however, remains cushioned amid fears of a global trade conflict, which continues to offer support to the safe-haven bullion.
Furthermore, the growing acceptance that the Federal Reserve (Fed) will cut interest rates multiple times this year, bolstered by Friday's weaker US jobs data, turns out to be another factor acting as a tailwind for the non-yielding yellow metal.
Apart from this, worries that Trump's trade policies will hit US economic activity keep the US Dollar (USD) depressed near its lowest level since November and suggest that the path of least resistance for the Gold price is to the upside.
That said, the lack of any buying interest warrants some caution before placing fresh bullish bets around the XAU/USD pair and positioning for the resumption of the strong uptrend from the December 2024 low. Nevertheless, the fundamental backdrop suggests that any corrective slide could be seen as a buying opportunity and remain limited.
Source: Fxstreet
