Gold Rally Continues: Will Price Break Above $5,000?

Gold prices remain on track to test $5,000 as a weaker U.S. dollar continues to support the market.

The price of gold (XAU) is currently holding above $4,500 due to a combination of factors, including a weaker U.S. dollar and lower expectations of an immediate Fed rate hike.

While inflation and higher oil prices present risks to the rally, analysts believe that the current backdrop supports a move toward the $4,800-$5,000 resistance zone.

The technical structure of gold and the gold to silver (XAU-XAG) ratio are also being closely watched as indicators of potential market moves.