South Korea’s central bank buys gold for the first time in 13 years!
$XAU spikes to 4,456 with a sharp wick—an imminent showdown between bulls and bears?
XAU surged intraday to 4,456.65 before undergoing a rapid pullback, currently trading at 4,388. On the news front, South Korea’s central bank bought gold-related assets for the first time in 13 years to hedge against geopolitical and economic uncertainty. The market expects the central bank to have further room to increase its holdings, giving long-term bulls plenty of confidence!
Key resistance and support: On the 1-hour chart, gold quickly