Xauusd. Sentiment

The sentiment for XAU/USD is currently bullish, with a majority of users indicating a positive outlook for gold. Here are the key points to consider:

1. Recent Price Movements: Gold has been experiencing a steady rise, with the XAU/USD rate increasing to $2,500.12 in the next 24 hours, representing a 0.11% increase.
2. Market Analysis: The sentiment is influenced by market analysis, which suggests that gold carries a bullish potential into early 2024 due to prospects of a looser Fed policy, lower US bond yields, and a weaker USD. Additionally, the XAU/USD pair is expected to challenge its record high at $2,431.40.
3. Technical Indicators: Technical indicators show that the XAU/USD pair holds above the 23.6% Fibonacci retracement of the April/May rally at $2,326.50, a relevant support level. The pair also shows buyers adding longs, with technical indicators turning higher within positive levels.
4. Central Bank Purchases: Central banks are increasing their exposure to gold by moving out of positions in US Treasury securities, which supports the price of gold.
5. Geopolitical Factors: Geopolitical risks, such as those in the Middle East, can drive safe-haven flows into gold, positively impacting the XAU/USD rate.

In conclusion, the bullish sentiment for XAU/USD is supported by recent price movements, market analysis, technical indicators, central bank actions, and geopolitical factors.