🟡 GOLD Prices Rally: Traders Eye Bullish Momentum

Gold prices rallied as traders pushed the market higher, rebounding from a slight dip the previous day. Despite concerns about geopolitical tensions in the Middle East, the precious metal remained within striking distance of a two-week high reached last Thursday. The US Dollar continued to weaken, influenced by declining US Treasury bond yields, which acted as a supportive factor for gold.

Technically, our long-term bias remains bullish, with the potential for a new uptrend contingent on the outcome of key economic data releases such as Durable Goods Orders and CB Consumer Confidence. These indicators serve as leading indicators for production and consumer spending, respectively, highlighting their significance for overall economic activity.

Recent statements from the Federal Reserve, including the release of FOMC meeting minutes and comments from Fed officials, indicated a commitment to maintaining higher interest rates amidst persistent inflation and a strong economy. This stance could bolster US bond yields and the Greenback, potentially limiting aggressive bullish bets on gold.

In conclusion, we are inclined towards a long position on gold with a target set above 2045. However, readers should bear in mind that this is our analysis and not financial advice.

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