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Gold prices are finding demand in the last trading session of the year during the Asian market, amidst cautiously optimistic market sentiment and the recent weakness of the US dollar. Investors are gearing up for the year-end flow and refraining from placing any new directional bets on gold prices, keeping the precious metal in a consolidating phase around $2,070.In the coming days, risk sentiment, USD movements, and profit-taking actions could significantly impact gold prices as traders shift to the sidelines ahead of the extended Lunar New Year weekend.On Thursday, gold prices experienced two-way trading activity, initially making a fresh three-week high before stabilizing below the $2,070 level. In the first half of the day, gold benefited from the prolonged weakness of the US dollar and subdued yields on US Treasury bonds, as strong US bond auctions and the Federal Reserve's mild interest rate hike expectations supported the metal.However, the US dollar made a robust recovery from its yearly lows against its major counterparts, aided by the modest increase in US Treasury bond yields. Traders employed profit-taking measures against shorting the US dollar in thinner liquidity conditions on Friday.Investors shrugged off mixed economic data from the US, allowing the US dollar to breathe a sigh of relief. The pending home sales index in the US, a forward-looking indicator based on signed contracts rather than closings, declined by 5.2% compared to a year ago, as reported by the National Association of Realtors. Meanwhile, the US Department of Labor revealed that state unemployment claims increased by 12,000 in the previous week to 218,000.In summary, the gold market is witnessing fluctuations driven by varying factors such as USD movements, risk sentiment, and economic data. As the year comes to a close, investors remain watchful, and the gold prices may experience further adjustments in response to changing market dynamics.Wishing you a happy new yearBest regards !

From a short-term technical perspective, gold remains in contact with an upward trend amid favorable price indicators.While gold has broken above the resistance level of the upward trend line at $2,080, a daily close beyond this mark is crucial to extend the upward trend to an all-time high of $2,144. Gold buyers face formidable resistance levels at $2,100 and $2,120 before reaching this milestone.The 14-day Relative Strength Index (RSI) is pointing upwards along the midline, instilling confidence in the ongoing uptrend.Any potential decline in gold prices could find initial support at the recent low of $2,061, with adjustments potentially extending towards $2,050.The ultimate defensive line for gold buyers is visualized at the 21-day Simple Moving Average (SMA) positioned at $2,035.In summary, gold is currently trading sideways above $2,060, with the need for a sustained close above $2,080 to propel the price towards an all-time high of $2,144. Resistance levels at $2,100 and $2,120 pose challenges, while the RSI signals positive momentum. Potential corrections have support levels at $2,061 and $2,050, with the 21-day SMA acting as the final line of defense at $2,035