Gold rises as Dollar weakens, nears $2,100 mark

Gold Prices on the Rise:

📈 Gold prices are rising as the US Dollar faces pressure amidst a buoyant Asian stock market.
🚀 Investor enthusiasm for anticipated aggressive interest rate cuts by the Fed contributes to Gold's upward momentum.
Factors Fueling Risk Appetite:

🌐 China's commitment to bolster domestic demand and liquidity injections by the PBOC boost risk appetite.
💹 This, coupled with the Dollar facing pressure, drives Gold higher.
US Treasury Bond Yields and Dollar Index:

📉 Despite a slight rebound in US Treasury bond yields, Gold maintains its upward momentum.
📉 The Dollar Index hovers near five-month lows.
Market Dynamics on Wednesday:

📈 Wednesday's market return saw Gold hit a record close above $2,070.
💵 Propelled by a Dollar sell-off post-positive US auctions.
Anticipation of Fed Rate Cuts:

🔄 Anticipation of Fed rate cuts continues to drive demand for stocks and bonds.
📊 Influencing Treasury yields and impacting Gold prices.
Current Movement of XAU/USD:

📉 On Thursday, XAU/USD moved lower, reaching the middle band of the Bollinger Bands.
🚀 Currently, the price is moving at the upper band, suggesting a potential another upward movement.
Relative Strength Index (RSI):

⚖️ The Relative Strength Index (RSI) stands at 53.
🔄 Signaling a neutral outlook for this pair.
Key Technical Levels:

🚀 Resistance levels: $2,088, $2,103.
📉 Support levels: $2,065, $2,048.