Gold trades back above $2,000 as the dollar weakens further
The theme of dollar weakness is continuing to play out in the new day as we see the greenback fall to fresh lows across the board - except against the kiwi - to start the session.
That is pushing precious metals higher, with gold now gaining by a little over 1% to $2,006 as buyers reclaim the $2,000 level.
The near-term bias shifted to being more bullish earlier in the day and buyers are now building on that momentum after the correction seen last week.
The news of Warren Buffett joining the gold rush has also added some tailwind to gold this week but it also reinforces the notion that gold longs continue to look an attractive investment, especially in the longer-term.
For now, keep above $2,000 and the 200-hour MA (blue line) and gold buyers can build on the current momentum to look towards the early August highs next.
That is the risk for buyers at the moment as they hold near-term control amid a weaker dollar as well, which is adding to the upside push in gold.
