XAUUSD Buy setup
Updated
Gold price (XAU/USD) sticks to its intraday bullish bias through the early European session on Friday and currently trades just below a four-day top, around the $2,657-2,658 area. Concerns about the effect of US President-elect Donald Trump's trade tariffs on global growth and the protracted Russia-Ukraine war continue to drive haven flows towards the precious metal. Apart from this, depressed US Treasury bond yields and an intraday US Dollar (USD) dip to a two-week low turn out to be another factor that benefits the commodity.Meanwhile, expectations that US President-elect Donald Trump's expansionary policies would revive inflationary pressures and signs that the progress in lowering US inflation stalled in October could restrict the Fed from easing policy further. This, in turn, could limit any further slide in the US bond yields and lend support to the USD, warranting caution before placing fresh bullish bets around the non-yielding Gold price. Hence, strong follow-through buying is needed to confirm that the XAU/USD has formed a near-term base near the $2,600 mark.
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XAUUSD Buy 70 pips tp 1 hit running
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