Gold is chasing a historic peak...

Gold prices rose strongly during Friday's trading. They approached their highest levels ever near the level of $2076 per ounce, benefiting from the weakness of the US dollar due to increasing bets on not raising US interest rates after it succeeded in adding more than $30 per ounce.

During the last day's trading, gold futures contracts for December delivery rose by about $33.20, or by 1.68%, to reach $2,071, and spot contracts also rose by about $35 per ounce, or by 1.70%, and are currently trading near the level of $2,070 per ounce.

The US dollar was clearly damaged immediately after US Federal Reserve Governor Jerome Powell’s statements on Friday evening, in which he stressed that the US interest rate is well in the currently restricted area and that the US Federal Reserve has made significant progress in reducing inflation, adding that it welcomes the decline in inflation shown by recent data.

However the US Federal Reserve needs to see more progress in reducing inflation to 2%, and these statements have strengthened market expectations that the US Federal Reserve will stop raising interest rates during its upcoming meetings, which has strengthened gold and weakened demand for the dollar.

technically:
stability above 2020 will support the bullish trend, on the weekly trend
but on the daily chart as long as trades above 2050 have a bullish trend and corrections available till 2050 and 2020 on the long timeframe