GOLD Retreats from Record Highs as Profit-Taking Begins

Gold Eases from Record Highs as Profit-Taking Kicks In

"Gold's key role is to offset risk, whether financial, geopolitical, or volatility-related. That is not new, but sentiment has now realized it."

Geopolitical events and lower interest rates make non-yielding gold an appealing investment.

Recent data suggest that U.S. inflation has resumed its downward trend. However, several Fed policymakers remained cautious on Monday, indicating they want to ensure pricing pressures are fully back on track to the 2% target rate before starting to cut rates.

Investors will closely monitor the Fed's last policy meeting minutes, due on Wednesday.


Technical Analysis of Gold:
The price of gold has dropped and reached its support line, as noted in our previous analysis.

Currently, it is expected to attempt to reach 2426 from the support level at 2410. However, any stability below 2410 indicates a potential drop to 2397.

Overall, the price will consolidate between 2410 and 2426 until a breakout occurs. Closing a 4-hour or 1-hour candle above 2429 will support a rise towards 2451.

Pivot Price: 2411
Resistance Levels: 2426, 2451, 2462
Support Levels: 2397, 2388, 2377

Today's anticipated trading range is between the support level at 2397 and the resistance level at 2437.

Previous Idea:

Trade active:

The price pushed up, as we mentioned, and reached the target we mentioned, and again reversed,
so now still trying to touch 2426 again