Gold prices are exhibiting upward momentum, fueled by escalating global trade tensions and concerns regarding potential economic recession. Expectations of multiple Federal Reserve rate reductions are exerting downward pressure on the U.S. Dollar, thereby bolstering the appeal of the precious metal. However, rising U.S. Treasury yields may present a countervailing force ahead of the release of the Federal Open Market Committee (FOMC) meeting minutes. The current price ascent is further supported by technical buying activity surpassing the $3,022-3,023 resistance level. The prevailing fundamental environment suggests a continued upward trajectory for XAU/USD, with market participants awaiting the FOMC minutes for further market direction.
