Gold price (XAU/USD) slowly pushes its northward limits to $2,025 as it renews the 13-month high amid broad US Dollar weakness. In doing so, the precious metal benefits from the market’s indecision amid hawkish Fed talks and receding market bets on the aggressive rate hikes by the US central bank. Furthermore, threats to the US Dollar’s reserve currency status and downbeat Treasury bond yields also add strength to the XAU/USD price. On the same line could be the quote’s successful break of the $2,010 key resistance, now immediate support.
It should be noted, however, that the cautious mood ahead of the top-tier US data concerning jobs and activities reins the Gold price amid the recently disappointing outcomes. Additionally challenging the Gold buyers could be the geopolitical woes surrounding Russia and China. Even so, the XAU/USD bulls stay hopeful amid its traditional haven status, as well as broad US Dollar weakness.
Also read: Gold Price Forecast: XAU/USD bulls target $2,043 on pennant breakout, US data holds the key
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