The 4-hour chart of XAU/USD indicates that the price climbed above the 50% Fib retracement level of the downward move from the $2,062 swing high to the $2,001 low. However, the bears are still active near the $2,040 zone.
The US Dollar remained in a bearish zone below the 145.00 level against the Japanese Yen. The Fed’s dovish outlook and possible rate cuts in 2024 sparked bearish moves in USD/JPY.