The XAU/USD, or gold market, has been navigating through a complex landscape shaped by central bank policies and technical formations. The Federal Reserve’s recent dovish stance, coupled with a weaker-than-expected US jobs report, has led to a softening of the US dollar, providing a supportive backdrop for gold prices. Despite this, gold remains below the key psychological level of $2000, as it consolidates gains and tests the resolve of bulls and bears alike.

Technically, gold is currently exhibiting signs of an ascending triangle pattern on the daily chart, indicating a potential breakout if it can maintain support above the critical $1977 threshold. The market’s eyes are now on the US bond yields and geopolitical developments, which could act as catalysts for the next significant move in gold prices.