Core Drivers of the Bullish TrendGold vs US DollarPEPPERSTONE:XAUUSDLiamJohnson🚀 **Core Drivers of the Bullish Trend:** 💵 **The US dollar and US Treasury yields fluctuated at high levels, with limited downward pressure:** The US dollar index and the 10-year US Treasury yield fell sharply yesterday and stabilized, showing limited short-term rebound potential. Gold holding costs remained stable, and the trend of funds flowing back into precious metals remained unchanged, providing continued support for gold prices. 🌍 **Geopolitical risk aversion persisted, with strong buying support:** The ongoing US-Iran conflict, the blockade of the Strait of Hormuz, and disruptions to Red Sea shipping continued to disrupt the global energy supply chain, keeping risk aversion high. Gold, as a traditional safe-haven asset, remained attractive, with strong buying support in the $4480-$4500 range. 📈 **Technical oversold correction and solid bottom support:** Gold prices previously plummeted from a historical high of $5600 to $4098, indicating severe overselling. After rebounding above $4500, a technical bottom has formed, with effective support in the $4480-$4500 range, limiting further downside potential. 🏦 **Central bank's rigid gold purchases provide clear long-term support:** Global central banks have been net buyers of gold for 19 consecutive months, with the People's Bank of China increasing its holdings for 16 consecutive months. This clearly demonstrates its long-term strategic allocation attribute, effectively capping the potential for a deep decline in gold prices and providing solid bottom support for any rebound. 📊 **Institutional portfolio rebalancing at the end of the quarter, with funds flowing back into precious metals:** At the end of March, institutional funds rebalanced their assets, with some funds flowing back from the stock and bond markets into precious metals, providing temporary support for gold prices.