Gold’s momentum benefits from softer US dollar

The thin holiday trading volumes will likely make gold price range questionable. But, generally speaking, the weakness of the US dollar continues to support the strong upward rebound of the gold price, with it holding on to the psychological resistance level of $2,000 per ounce.

It seems that the gold price may end trading in 2023 on an upward trend, and during trading in the current month.

Recently, gold price climbed to an all-time high of $2,140 per ounce before stabilizing above the resistance level of $2,053 per ounce and at the time of writing, gold is trading at $2058.50.

Therefore, the gold market remained bullish as the popularity of betting against the US dollar increases. Specially, after the US Fed turned the markets upside down when it signaled the end of its campaign of tightening monetary policy.