Gold marches toward $2,100 amid downbeat US Dollar, cautious optimism

Global markets remain dicey during the year-end holiday season, especially amid a light calendar and off in the UK, Europe, Canada and Switzerland. Even if US trading resumes after a long weekend, the traders‘ participation is likely to remain muted as last week’s data failed to defy the dovish Fed expectations. The same exerts downside pressure on the US Dollar while allowing the commodities and Antipodeans to edge higher.

It‘s worth noting, however, that the GBPUSD struggles to pick up bids amid the downbeat UK economics and receding hawkish expectations from the Bank of England (BoE). That said, the downbeat yields keep the USDJPY pair on the bear’s radar while EURUSD also lacks major bullish bias.

That said, the Gold buyers cheer a successful upside break of the $2,055 resistance while Crude Oil picks up bids to extend the previous two-week recovery. Further, stocks in the Asia-Pacific zone portray consolidation after a bullish 2023, tracing the mixed Wall Street closing.

BTCUSD and ETHUSD pare the previous weekly gains amid the year-end positioning, as well as due to the mixed feelings about the spot ETF approvals.

Following are the latest moves of the key assets:

• Brent oil remains mildly bid around $79.10 by the press time, defending the previous two-week rebound.

• Gold price stays firmer at the highest level in three weeks, up 0.50% near $2,065 at the latest.

• USD Index holds lower grounds near 101.60 as we write, licking its wounds at the lowest level since late July marked on Friday.

• Wall Street closed mixed but the Asia-Pacific stocks edged lower.

• BTCUSD and ETHUSD drop more than 1.0% each to near $43,700 and $2,300 amid the year-end consolidation as we write.