The gold market (XAU/USD) is facing strong selling pressure for the second consecutive day, dropping to near its lowest level in over two weeks, hovering around the $2,300 mark before entering the European trading session.
Despite overnight attacks on US forces in the Middle East, investors remain optimistic, believing that the conflict between Iran and Israel will not escalate further. Furthermore, expectations that the Fed may postpone interest rate cuts have reduced demand for the yellow metal.
From a technical perspective, looking at the chart reveals that gold is moving within a narrow range, indicating weak momentum from both sides. It is anticipated that gold will continue to decline as it breaks through this support level, potentially pushing prices even lower.