XAUUSD continues its uptrend at $2050

OANDA:XAUUSD   Gold Spot / U.S. Dollar
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It can be observed that XAUUSD has experienced a significant increase in price yesterday, surpassing the $2055 mark. It is currently trading at a new high of $2081, after reaching the milestone of $2088. So what is the reason that drives up the price of gold?

Regarding the influencing factors: Gold prices have risen to their highest level in 9 weeks, reaching above $2100 during Monday's Asian trading session. Optimistic economic data from the US on Friday has sparked speculation about interest rate cuts later this year. Additionally, lower US bond yields have provided further motivation for investors to increase their demand for the yellow metal.

In terms of new prospects for XAUUSD: On the 1-day chart, XAUUSD is currently receiving strong support around the breakout level of $2055. Breaking below this level will lead to a significant price decline, while maintaining this level will result in price increases. It is expected that prices will continue to recover after the correction phase.
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Gold increased without correction

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