Gold Retreats Below Key Resistance: What's Next?
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Gold prices are currently trading near $2,632 per ounce, showing a downward trend after failing to sustain above the $2,658 resistance level. This pullback underscores persistent selling pressure as investors respond to mixed market signals.
The recent decline is largely driven by profit-taking following last week's substantial rally. Additionally, a stronger U.S. dollar and rising bond yields are exerting downward pressure, counteracting the safe-haven demand fueled by ongoing geopolitical tensions.
In the short term, the $2,625 support level will be pivotal. A breach below this zone could trigger further declines toward the $2,600 mark, while a rebound above $2,658 might reignite bullish momentum, targeting the $2,680 region.
Looking ahead, gold's trajectory remains tied to macroeconomic factors, particularly U.S. economic data and Federal Reserve policy expectations. For now, traders are leaning toward short positions, but close attention to key levels is crucial in this uncertain environment.
The recent decline is largely driven by profit-taking following last week's substantial rally. Additionally, a stronger U.S. dollar and rising bond yields are exerting downward pressure, counteracting the safe-haven demand fueled by ongoing geopolitical tensions.
In the short term, the $2,625 support level will be pivotal. A breach below this zone could trigger further declines toward the $2,600 mark, while a rebound above $2,658 might reignite bullish momentum, targeting the $2,680 region.
Looking ahead, gold's trajectory remains tied to macroeconomic factors, particularly U.S. economic data and Federal Reserve policy expectations. For now, traders are leaning toward short positions, but close attention to key levels is crucial in this uncertain environment.
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