Gold price (XAU/USD) edges higher during the Asian session on Tuesday and looks to build on the overnight bounce from the $2,615-2,614 area, though it lacks bullish conviction.
Gold price attracts some haven flows amid worries about Trump’s tariff plans. The Fed ’s hawkish shift and elevated US bond yields cap gains for the XAU/USD. Traders also seem reluctant ahead of FOMC minutes and US NFP releases later this week. Gold price edges higher during the Asian session on Tuesday and looks to build on the overnight bounce from the $2,615-2,614 area, though it lacks bullish conviction.
Gold price has been showing some resilience above the 100-day SMA pivotal support From a technical perspective, the overnight resilience above the 100-day Simple Moving Average and the subsequent bounce warrants some caution for bearish traders. Moreover, oscillators on the daily chart have recovered from negative territory, which, in turn, supports prospects for some near-term upside.
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