Gold continues to show an upward trend, with its current value trading around $2,646. The chart reflects the formation of a classic cup pattern, which often signals potential bullish momentum once confirmed by a breakout. This pattern has established a solid foundation for bullish traders to focus their attention on the next resistance level at $2,662.
Global market factors play a critical role in supporting gold's upward trajectory. The weakening of the US Dollar, combined with a dovish stance from the Federal Reserve, provides an opportunity for the precious metal to strengthen further. Additionally, geopolitical tensions and China's continued efforts to increase its gold reserves have further bolstered positive sentiment, drawing significant attention from investors toward this safe-haven asset.
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