Gold Price Forecast: XAU/USD hits fresh multi-week top, seems poised to appreciate further

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• Gold price climbs to a four-week high on Thursday and seems poised to appreciate further.
• The softer US CPI reaffirms expectations that the Fed will hike only one more time this year.
• The US Dollar languishes near a 15-month low and adds credence to the positive outlook.

Gold price trades with a positive bias through the Asian session on Thursday and is currently placed around the $1,960 area, or a nearly four-week high. The XAU/USD has now moved back above the 100-day Simple Moving Average (SMA) and the fundamental backdrop supports prospects for an extension of the recent rally from the $1,893 region, or a three-and-half-month low touched in June.