According to CoinMeta, the gold price is approaching the resistance level of $4,500, with central banks' buying activities intertwined with diminished expectations of interest rate hikes by the Federal Reserve. The rebound in August is seen as a genuine change in market positioning, rather than a technical rebound, as it broke through two resistance levels. The increase over the past two weeks reflects the buying demand from central banks and sovereign wealth funds, as well as institutional demand for physical gold bars, which is evident in the premium of $1.50 per ounce in China. This move has redefined the trend of gold, especially after the sharp sell-off triggered by the Iran war, which caused the gold price to fall from $5,595 in January to below $4,000 in June. The current macroeconomic environment is also more supportive, with the US dollar at a two-month low, and the probability of a rate hike in September has dropped from 51.2% a month ago to 33%.