XAUUSD: The return of gold!
Updated
The price of gold (XAU/USD) continues to rise as buyers push past the previous high reached in early August, while also maintaining control above the support level at $1,936-38. This upward movement is due to concerns about the Federal Reserve's policy change and recent negative economic data. As a result, the US Dollar Index (DXY) has ended its two-day winning streak with slight losses, currently trading around 104.15. The precious metal's rally reflects a decline in demand for the US dollar amidst uncertain market conditions.
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The dollar fell in cautious trading as investors assessed the US jobs data, which included signs of slowdown, which reinforced expectations that the US Federal Reserve has probably reached the end of the monetary tightening cycle.
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