XAUUSD
The price of gold continues to hold steady at a two-week high, with bullish investors celebrating the weakening of the US Dollar and maintaining cautious optimism. The decline in US Treasury yields has contributed to this sentiment, as there is uncertainty surrounding the Federal Reserve's future actions and anxiety ahead of the release of Consumer Confidence data.
Additionally, hopes for additional stimulus measures from China have strengthened XAU/USD after a four-week losing streak.
As top-tier US economic data approaches, the price of gold is nearing an important resistance level on its upward trajectory.
This surge is attributed to the mounting pressure on the US Dollar and Treasury yields.
The Federal Reserve's upcoming policy decision in September will heavily rely on the labor market data for August. Additionally, there has been an agreement between US Commerce Secretary Raimondo and China's Foreign Minister Wang Yi to establish a platform for sharing export control information.