Gold Price Forecast: Bulls Take Charge Amid Safe Haven Appeal and Economic Data

Gold prices rallied above resistance at $2040/oz level, driven by growing safe haven appeal amid geopolitical tensions in the Middle East and weakness in the US Dollar. Ongoing comments from Fed policymakers about rate cuts have weighed on the Greenback, while US data, particularly the PCE data and Q3 GDP number, could impact rate expectations. From a technical perspective, a daily close above $2040 could lead to a run towards resistance at $2050, but further upside may be limited due to potential retracement and resistance levels. Retail traders are overwhelmingly long on Gold, suggesting potential challenges for further gains.