Investors who believe in the value of gold are celebrating as the price of XAU/USD slowly rises to $2,025, hitting a 13-month high due to a general weakening of the US Dollar. This positive trend is driven by the market's uncertainty over the US central bank's aggressive rate hike policy and its response to hawkish Fed talks. Additionally, concerns over the reserve currency status of the US Dollar and low Treasury bond yields are contributing to the strengthening of the XAU/USD price.
Furthermore, the recent successful break of the $2,000 key resistance level, which now serves as immediate support, has encouraged gold buyers. However, despite this positive outlook, the market remains cautious ahead of the release of top-tier US data concerning jobs and activities, which may impact the price of gold. Geopolitical tensions surrounding Russia and China could also pose a challenge for gold buyers.
Despite these challenges, the XAU/USD bulls remain optimistic due to gold's traditional status as a safe haven and the broad weakness of the US Dollar.
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✅ YESTERDAY the price Broke the Resistance and explode in Long side