Gold Tests New Highs as Uptrend Continues

Gold prices are hovering near session highs at $2,516.10, maintaining the bullish momentum that has been in place for several months. The precious metal has consistently traded above both its 50-day and 100-day moving averages, now at $2,447.43 and $2,380.54, respectively, indicating a strong uptrend. This recent move higher could be attributed to ongoing concerns over global economic uncertainties, prompting investors to flock to safe-haven assets.

Fundamentally, the persistent strength in gold is supported by recent weakness in the U.S. dollar and continued dovish signals from major central banks, including the Federal Reserve. The market is closely watching for any new developments that might push gold further into uncharted territory, especially with inflationary pressures still a significant concern. Gold's technical strength suggests that as long as it stays above these key moving averages, the uptrend remains intact.