GOLD | Profit-Taking Within Bullish StructureGold Falls on Profit-Taking as Iran Fears Ease
Gold prices slipped as investors booked profits after the metal posted a record high on Wednesday. Additional pressure came from easing concerns over imminent U.S. military action against Iran, reducing short-term safe-haven demand.
Sentiment was further weighed down by President Trump’s softer tone toward Federal Reserve Chair Jerome Powell. In an interview with Reuters, Trump stated that he has no plans to remove Powell, despite the ongoing Justice Department investigation.
Markets are now focused on U.S. weekly jobless claims for further clues on the Fed’s policy outlook, as expectations for lower interest rates tend to support non-yielding assets such as gold.
Technical Outlook (GOLD)
The broader structure remains bullish, though the market is currently undergoing a corrective phase.
Above 4610: Bullish momentum remains active
Upside targets: 4630 – 4640
A confirmed 15M or 1H close above 4640 would open the way toward:
4651 - 4675
Bearish / Corrective Scenario
A move below 4598 would shift momentum into a bearish correction, targeting:
4578 - 4566
A confirmed break below this zone would expose further downside toward:
4546 - 4519
Key Levels
Pivot Line: 4610
Resistance: 4630 – 4640 – 4675
Support: 4598 – 4578 – 4566
Long
