Core Drivers of the Bullish TrendGold vs US DollarPEPPERSTONE:XAUUSDLiamJohnson🚀 **Core Drivers of the Bullish Trend:** 📈 **1. Strong Technical Oversold Conditions and Ample Rebound Momentum** Since its historical high in mid-March, gold prices have plummeted by over 19%, with a single-week drop setting a nearly 43-year record. Short-term oversold conditions are severe, with technical indicators (RSI, MACD) at historical lows. Bearish momentum has completely exhausted, and a retaliatory rebound after the oversold condition is an inevitable market phenomenon. From a technical perspective, the daily MACD shows a golden cross, moving averages are turning upwards, the 4-hour chart shows a strong volume rebound, and the weekly chart clearly shows oversold correction signals. These technical indicators collectively confirm the validity of the current bottoming area and suggest that the rebound will continue next week. Furthermore, gold prices have successfully recovered the key 4490 level, breaking the previous downtrend, and market confidence in buying is gradually recovering, providing sustained momentum for the rebound. 🌍 **2. Continued geopolitical tensions and persistent safe-haven demand** The US-Iran conflict is the core factor supporting gold prices. With both sides engaged in fighting and negotiations, the conflict continues to escalate, and the Strait of Hormuz faces the risk of blockade. Market concerns about the escalation of the conflict and energy supply disruptions remain, leading to a phased inflow of safe-haven funds. Gold, as a traditional safe-haven asset, has become significantly more attractive against the backdrop of geopolitical tensions. Both institutional and retail investors are gradually increasing their gold allocations, creating a "safe-haven buying" pattern. As long as the US-Iran conflict does not show significant easing next week, safe-haven demand will continue, providing strong support for gold prices and limiting their downside. 📢 I share trading strategies daily.