Gold prices (XAU/USD) have rebounded, supported by a weaker US Dollar and positive economic data from the United States.

Key Factors:

• US Dollar: The US Dollar has weakened, influenced by the release of the US Consumer Price Index (CPI) data and expectations for further Fed rate cuts.
• Economic Data: The US Initial Jobless Claims data showed signs of weakness in the US labor market, which could lead to further Fed rate cuts.
• Technical Analysis: The Gold price is trading above key support levels, indicating a bullish trend.

Technical Analysis:

• Support Levels: The $2,600 level is a key support level.
• Resistance Levels: The $2,657-2,658 and $2,670-2,672 regions are potential resistance levels.
• Moving Averages: The 20-day and 50-day Simple Moving Averages (SMAs) are trading above the Gold price, indicating a bullish trend.