Gold (XAU/USD) begins Fed week on a firmer not around $1,840, extending the previous two-week uptrend.
The precious metal’s latest run-up could be linked to the market’s rush towards risk-safety ahead of the key weekly event, namely Wednesday’s Federal Open Market Committee (FOMC) meeting. The risk-off mood could also be linked to the mixed performance of the US Treasury bonds and mostly downbeat Wall Street.
The yellow metal stepped back from the yearly resistance line on Thursday, also declined on Friday, as markets weighed hawkish Fed concerns while geopolitical tensions surrounding Russia and Ukraine escalated. The pullback moves failed to last long so far on Monday as stock futures