Gold price struggles for a firm near-term direction; stuck in a range above $2,900

• Gold price continues with its struggle to gain any meaningful traction at the start of a new week.
• Worries about Trump‘s trade policies and Fed rate cut bets continue to support the commodity.
• The USD languishes near a multi-month low and further acts as a tailwind for the XAU/USD pair.

Gold price (XAU/USD) extends its sideways consolidative price move and holds steady above the $2,900 mark through the early European session on Monday. Investors remain worried about the potential economic fallout from US President Donald Trump’s trade tariffs and a global trade war, which continues to act as a tailwind for the safe-haven bullion. Furthermore, Friday’s weaker US jobs report reaffirmed market bets that the Federal Reserve (Fed) will cut interest rates multiple times this year and turns out to be another factor underpinning the non-yielding yellow metal.

Meanwhile, expectations for further policy easing by the Fed keep the US Dollar (USD) depressed near its lowest level since November touched on Friday, which, in turn, lends additional support to the Gold price. Despite the supporting factors, the XAU/USD has been struggling to attract any meaningful buyers and remains confined in a familiar range held over the past week or so. This, in turn, warrants some caution for aggressive bullish traders and before positioning for the resumption of the prior well-established uptrend in the absence of relevant economic releases from the US.