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Despite the holidays, weak liquidity, and the absence of major economic releases, the price of gold (XAU/USD) remained on an upward momentum with gains extending to the resistance level of $2,088 per ounce, close to the record high of $2,135 per ounce set by the yellow metal.
During the Wednesday session, gold has been choppy.
As trading begins in the final week of 2023, the price of gold XAU/USD is on the rise as traders look to potential US interest rate cuts from the Federal Reserve in 2024, which has weakened the US dollar.
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The gold market experienced a modest rally during Tuesday's trading session, underscoring the persistent bullish sentiment.
The weakness of the US dollar continues to support the strong upward rebound of the gold price XAU/USD, with it holding on to the psychological resistance level of $2,000 per ounce.
Gold demonstrated notable strength on Friday, as it surged above the $2,050 level, signaling a potential for further gains.
According to recent trading, gold is facing a major test of investor appetite as the Federal Reserve begins a long-awaited pivot to lower US interest rates.
Gold price is still looking for factors of strength to complete the current upward rebound.
BTC/USD continues to exhibit an ability to add value for speculators who are willing to wager on the digital asset, this even as the volatile history of Bitcoin shadows the landscape.
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The gold market showed a slight retreat in Wednesday's trading session, encountering resistance at the $2050 level.
Pressures on the US dollar is still helping gold prices XAU/USD to rebound higher and maintain the psychological resistance of $2,000 per ounce.
The gold market underwent a minor retracement during Tuesday's trading session but exhibited its characteristic resilience.
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With the start of trading this week, gold prices XAU/USD rose to the resistance level of $2,033 per ounce despite the strength of the US dollar and gains in US Treasury yields.
On Monday, the gold markets started off relatively quietly.
By the end of the trading last week, the price of XAU/USD gold declined from its highest levels in the session at about 2042 dollars, to trade at about 2017 dollars an ounce, after the last round of American economic data.