Daily Price Outlook

Gold price (XAU/USD) consolidating within its bullish range and remained well bid around $2,190 marks. However, the reason for its upward trend can be attributed to a combination of factors, including risk-off market sentiment, which was being pressured by geopolitical tensions, along with expectations that the global economy could weaken in 2024. The risk-off market sentiment underpinned the gold price as it recently hit the fresh record high touched on Friday. Furthermore, the upticks in the gold price were bolstered by increasing expectations that the Federal Reserve (Fed) will start cutting interest rates in June amid downbeat US unemployment data.

Impact of US Economic Indicators on Gold Prices

It's worth noting that the recent rise in the US unemployment rate has led to expectations that the Federal Reserve will lower interest rates in June. This has kept US dollar low and contributed to the gold gains. This data was released on Friday showed the US unemployment rate reaching its highest level in two years, further increasing the likelihood of a rate cut by the Federal Reserve. This uncertainty and risk aversion are likely to continue supporting gold prices in the near term.

On the data front, the US economy added 275,000 new jobs in February, surpassing the estimated 200,000, although January's numbers were revised down to 229,000 from 353,000. Meanwhile, the wage growth, measured by Average Hourly Earnings, increased by 4.3% annually, slightly lower than January's 4.4%, missing market expectations. However, the possibility of a Fed interest rate cut in May rose to 30% after the report, but June remains the most anticipated timing for any such action. Consequently, the yield on the 10-year US government bond fell to a one-month low, dragging the US Dollar down and boosting gold prices.

Therefore, the increased likelihood of a Fed rate cut due to higher unemployment, are expected to continue supporting gold prices in the near term amid uncertainty and risk aversion.

Impact of Geopolitical Tensions and Economic Concerns on Gold Prices

On the geopolitical front, the ongoing tensions in the middle east and concerns about a global economic slowdown in 2024 are driving investors towards the safe-haven XAU/USD, supporting gold prices. It should be noted that the reports from UNRWA highlight widespread hunger in Gaza as Ramadan begins, emphasizing the need for an immediate ceasefire. Israeli forces reportedly barred Palestinians from entering al-Aqsa Mosque in East Jerusalem, sparking tensions. Ismail Haniyeh of Hamas blames Israel for the failure to secure a ceasefire before Ramadan, emphasizing the desire for peace.

Therefore, the ongoing geopolitical tensions and economic concerns may continue to drive investors towards the safe-haven XAU/USD, supporting gold prices amid uncertainty and the need for stability.

Looking forward, traders are awaiting the release of the latest US consumer inflation figures on Tuesday as it will play a key role in influencing expectations about the Fed's rate-cut path.

GOLD (XAU/USD) - Technical Analysis

Gold's market stance on March 11, with a price holding steady at $2,179.18, reflects a moment of equilibrium amidst fluctuating market sentiments. The technical landscape, as delineated by a 4-hour chart perspective, places the pivot point at $2,196.42, indicating a critical juncture for future price movements. Resistance levels are charted progressively higher at $2,227.22, $2,251.98, and $2,277.02, suggesting potential barriers to upward momentum. Conversely, support is firmly established at $2,156.18, with additional safety nets at $2,130.57 and $2,111.27, delineating zones where buying interest may resurge.

The Relative Strength Index (RSI) at 74 veers into the overbought territory, hinting at potential for a price pullback, while the 50-Day Exponential Moving Average (EMA) at $2,120.30 provides a bullish backdrop, underscoring a prevailing uptrend that has buoyed gold prices above recent averages.

Given these dynamics, the current technical outlook suggests a cautious approach to gold trading. Entry for a sell position is advised below $2,179.18, with a take-profit target set at approximately $2,130.57, and a stop-loss order should be placed to limit potential losses at around $2,196.42. 

Daily Price Outlook

In the financial landscape, Gold (XAU/USD) exhibited a modest uptick on March 8, closing at $2161.28, marking a 0.08% increase. This movement provides an intriguing snapshot into the precious metal's performance within a four-hour chart timeframe, revealing critical technical levels that could dictate future price directions.

The pivot point, sitting at $2146.459, acts as a fundamental threshold for Gold, with immediate resistance observed at $2168.403. Should bullish momentum persist, further resistance levels at $2196.284 and $2227.223 may come into play, delineating potential barriers to upward movements. On the flip side, support levels are established at $2115.599, $2087.694, and $2065.840, offering a safety net against price declines.

A notable point of analysis comes from the technical indicators, particularly the Relative Strength Index (RSI), which at 82, significantly ventures into overbought territory. This could signal a heightened bullish sentiment among investors but also warrants caution for potential reversals. The 50-Day Exponential Moving Average (EMA) at $2047.032 further solidifies the bullish outlook, as the current price comfortably exceeds this indicator, suggesting a strong uptrend over the medium term.

GOLD - Trade Ideas

Entry Price – Buy Above 2156

Take Profit – 2170

Stop Loss – 2150

Risk to Reward – 1: 2.3

Profit & Loss Per Standard Lot = +$1400/ -$600

Profit & Loss Per Mini Lot = +$140/ -$60

Daily Price Outlook

Gold price (XAU/USD) maintained its upward rally and hit the fresh all-time high of $2,160 level. However, the reason for its upward trend can be attributed to a combination of factors, including increasing expectations for an imminent interest rate cut later this year, which undermined the US dollar and contributed to the gold price gains. During semi-annual congressional testimony on Wednesday, Federal Reserve (Fed) Chair Jerome Powell reinforced expectations for an imminent interest rate cut later this year. Furthermore, the risk-off market sentiment, pressured by geopolitical tensions and concerns about a slowdown in China, was seen as another key factor that kept the gold price high due to its safe-haven status.

Federal Reserve's Potential Interest Rate Cuts Propel Gold to Record Highs

On the US front, the Federal Reserve, led by Chair Jerome Powell, is strongly considering lowering interest rates to boost the economy. This decision has weakened the US Dollar and made investors turn to Gold, driving its prices up to a fresh all-time high. However, the strong possibility, around 70%, of a rate cut occurring in June has caused the yields on US government bonds to drop to their lowest point in a month.

Meanwhile, Powell believes that if the economy continues on its current path, a rate cut later in the year is probable. Besides this, Minneapolis Fed President Neel Kashkari mentioned the possibility of two rate cuts in 2024, although he might change his mind depending on how well the economy is doing.

Therefore, the likelihood of a rate cut in June, along with persistent economic worries, has driven gold prices to unprecedented levels. Investors are seeking refuge in gold due to uncertainties, considering it a safe-haven asset amidst turbulent market conditions.

Escalating Tensions and Humanitarian Crisis Drive Gold Prices Up

Furthermore, the long-lasting tensions in the Middle East and concerns about China's economic slowdown are driving up the price of safe-haven gold. It is worth noting that the recent Houthi missile attack killed three crew members on a cargo ship near Yemen, raising fears of more conflict in the area. This comes after an Israeli airstrike in Gaza killed five people and reports emerged of severe malnutrition and dehydration affecting thousands in northern Gaza.

This highlight the urgent need for aid in the region. Shockingly, the UN reveals that one out of every six children under two years old in northern Gaza is suffering from severe malnutrition. This alarming statistic highlights the urgent need for immediate aid and intervention to address the worsening situation and prevent further suffering among the region's vulnerable population.

Therefore, tensions in the Middle East and worries about China's economy are pushing investors towards safe-haven assets like gold, causing its price to rise.

Looking forward, traders are keeping their eyes on the US Weekly Initial Jobless Claims data and US Non-Farm Payrolls (NFP) report on Friday. Meanwhile, Fed Chair Jerome Powell's second day of testimony for guidance will also be in the spotlight. These events influence market direction and provide insight into the state of the US economy.

GOLD (XAU/USD) - Technical Analysis

On March 7, Gold (XAU/USD) exhibited a commendable uptrend, marking a 0.47% increase to reach $2,158.25. This surge underscores a renewed investor interest in the precious metal as a hedge against potential market volatilities. The trading session highlighted significant movement beyond the pivot point of $2,146.02, suggesting a bullish sentiment in the market.

Key resistance levels for Gold have been identified at $2,168.25, $2,182.32, and $2,196.38, which represent critical junctures that could either propel or limit further gains. Conversely, support levels established at $2,127.87, $2,114.71, and $2,098.83 offer a safety net against potential declines, underpinning the asset's resilience.

Technical indicators further bolster this optimistic outlook, with the 50-Day Exponential Moving Average (EMA) at $2,042.37 and the 200-Day EMA at $1,982.27, both well below the current price, indicating sustained upward momentum.

Daily Price Outlook

On March 7, Gold (XAU/USD) exhibited a commendable uptrend, marking a 0.47% increase to reach $2,158.25. This surge underscores a renewed investor interest in the precious metal as a hedge against potential market volatilities. The trading session highlighted significant movement beyond the pivot point of $2,146.02, suggesting a bullish sentiment in the market.

Key resistance levels for Gold have been identified at $2,168.25, $2,182.32, and $2,196.38, which represent critical junctures that could either propel or limit further gains. Conversely, support levels established at $2,127.87, $2,114.71, and $2,098.83 offer a safety net against potential declines, underpinning the asset's resilience.

Technical indicators further bolster this optimistic outlook, with the 50-Day Exponential Moving Average (EMA) at $2,042.37 and the 200-Day EMA at $1,982.27, both well below the current price, indicating sustained upward momentum.

GOLD - Trade Ideas

Entry Price – Buy Above 2147

Take Profit – 2180

Stop Loss – 2120

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$3300/ -$2700

Profit & Loss Per Mini Lot = +$330/ -$270

Daily Price Outlook

Gold price (XAU/USD) slowed its bullish rally but still remained well-bid above the $2,100 mark. However, the previously released weaker US economic data strengthened market expectations of an imminent interest rate cut by the Federal Reserve. Hence, this dovish stance undermined the US dollar and pushed the gold price to the all-time high. Apart from this, the ongoing geopolitical tensions and China's economic woes dampen market sentiment, leading to increased flows towards safe-haven assets like gold.

Potential Rate Cuts and Market Concerns Lead to US Dollar Depreciation and Gold Surge

On the US front, the broad-based US dollar unable to stop its bearish trend and still flashing red in the wake of previously released downbeat data, which strengthen market expectations that the Federal Reserve will cut interest rates sooner. Hence, the weaker US dollar, driven by downbeat economic data and expectations of a Federal Reserve rate cut, has supported the gold price, as investors seek the safe-haven asset amid market uncertainties.

On the data front, the Institute for Supply Management (ISM) reported that economic activity in the services sector expanded for the 14th consecutive month in February, but at a slower pace due to a decline in employment. Additionally, data from the US Commerce Department's Census Bureau showed that total factory orders fell by 3.6% month-on-month (-2.0% year-on-year) in January, following a 0.3% decline in the previous month.

It should be noted that buyers are reducing their positions before Fed Chair Jerome Powell's congressional testimony, which will clarify the interest rate outlook and impact gold price. The CME Group's FedWatch tool suggests a 70% chance of rate cuts by June, keeping US dollar buyers cautious and supporting gold prices. Traders will also watch for the release of the US ADP report on private-sector employment and JOLTS Job Openings data on Wednesday, ahead of Friday's Nonfarm Payrolls report.

Geopolitical Tensions Boost Gold's Safe-Haven Appeal

On the geopolitical front, the ongoing tensions in the Middle East and China's economic challenges also weighed on investor sentiment, leading to increased demand for safe-haven assets like gold. According to the latest update, Israel blocked a food convoy to north Gaza, making it harder to prevent famine. In the meantime, the talks for a ceasefire continue, but the US believes hurdles can be overcome. In southern Lebanon, an Israeli airstrike killed a Hezbollah fighter, his wife, and his son. Since October 7, over 30,000 Palestinians have been killed and 72,000 wounded in Gaza, with 1,139 deaths in Israel from Hamas attacks.

GOLD (XAU/USD) - Technical Analysis

In the recent trading session on March 6, the price of Gold slightly dipped by 0.11%, settling at $2125.8. Despite the minor decrease, Gold's trading dynamics present a complex picture, with the precious metal hovering around significant technical levels that suggest a cautious yet potentially bullish outlook.

The pivot point stands at $2066, serving as a foundational benchmark for Gold's immediate trajectory. Resistance levels at $2106, $2129, and a more distant $2171 outline potential ceilings that Gold might encounter if it continues on an upward path. Conversely, support levels are established at $2042, $2002, and $1977, indicating critical junctures where buying interest might intensify, offering a safety net against further declines.

The Relative Strength Index (RSI) is at a high of 79, indicating that Gold might be entering overbought territory, which often precedes a pullback. Meanwhile, the Moving Average Convergence Divergence (MACD) presents a more nuanced view. With a MACD value of 1 and a signal line at 22.33600, the current positioning suggests that while there's potential upward momentum, caution is warranted due to the possibility of a trend reversal. The 50-day Exponential Moving Average (EMA) at 2014 further underscores a bullish sentiment in the medium term, affirming Gold's resilience above this level.

Considering these factors, the technical outlook suggests a cautious but bullish bias for Gold. However, traders are advised to consider selling below $2030, with a take-profit target at $2116 and a stop-loss order at $2139, to manage risk effectively in light of potential volatility.

Gold's minor setback at $2125.8 hints at a cautiously bullish market posture.

Key technical indicators, including a high RSI and MACD analysis, suggest mixed signals, necessitating vigilance.

Advised trading strategy: Sell below $2030, targeting profits at $2116, safeguarded by a stop-loss at $2139.

Daily Price Outlook

In the recent trading session on March 6, the price of Gold slightly dipped by 0.11%, settling at $2125.8. Despite the minor decrease, Gold's trading dynamics present a complex picture, with the precious metal hovering around significant technical levels that suggest a cautious yet potentially bullish outlook.

The pivot point stands at $2066, serving as a foundational benchmark for Gold's immediate trajectory. Resistance levels at $2106, $2129, and a more distant $2171 outline potential ceilings that Gold might encounter if it continues on an upward path. Conversely, support levels are established at $2042, $2002, and $1977, indicating critical junctures where buying interest might intensify, offering a safety net against further declines.

The Relative Strength Index (RSI) is at a high of 79, indicating that Gold might be entering overbought territory, which often precedes a pullback. Meanwhile, the Moving Average Convergence Divergence (MACD) presents a more nuanced view. With a MACD value of 1 and a signal line at 22.33600, the current positioning suggests that while there's potential upward momentum, caution is warranted due to the possibility of a trend reversal. The 50-day Exponential Moving Average (EMA) at 2014 further underscores a bullish sentiment in the medium term, affirming Gold's resilience above this level.

Considering these factors, the technical outlook suggests a cautious but bullish bias for Gold. However, traders are advised to consider selling below $2030, with a take-profit target at $2116 and a stop-loss order at $2139, to manage risk effectively in light of potential volatility.

Gold's minor setback at $2125.8 hints at a cautiously bullish market posture.

Key technical indicators, including a high RSI and MACD analysis, suggest mixed signals, necessitating vigilance.

Advised trading strategy: Sell below $2030, targeting profits at $2116, safeguarded by a stop-loss at $2139.

GOLD - Trade Ideas

Entry Price – Sell Below 2030

Take Profit – 2116

Stop Loss – 2139

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1400/ -$900

Profit & Loss Per Mini Lot = +$140/ -$90

Daily Price Outlook

Gold price (XAU/USD) extended its four-day upward rally and surged to an all-time high, above the $2,100 mark. However, the surge in gold prices was mainly driven by bets that the Federal Reserve (Fed) will start cutting interest rates in June, which undermined the US dollar and contributed to the gains in gold. Furthermore, previously released downbeat US economic data put further pressure on the US dollar, which is good for gold prices. In addition to this, the further escalation of geopolitical tensions in the Middle East was seen as another key factor that lent some support to safe-haven gold prices.

Potential Rate Cuts and Market Concerns Lead to US Dollar Depreciation and Gold Surge

On the US front, the broad-based US dollar failed to halt its declining rally and remained bearish due to Friday's disappointing US macro data, along with less hawkish comments by Federal Reserve officials. These factors bolstered bets for a June rate cut and pushed the gold price above the $2,110 mark. On the data front, recent data shows a faster-than-expected contraction in US manufacturing, with the ISM Manufacturing Index dropping to 47.8. Consumer sentiment, as measured by the University of Michigan, fell short of expectations. These indicators suggest ongoing challenges for economic growth.

Although, the losses in the US dollar could fade shortly as the escalation of geopolitical tensions in the Middle East could provide some support to the US dollar as a safe-haven asset. Moving on, traders seem cautious to place any strong position ahead of the week's important US macro releases, including the closely watched Nonfarm Payrolls (NFP). Moreover, investors are closely monitoring Fed Chair Jerome Powell's two-day testimony for additional insights into the direction of interest rates, as well as key US macroeconomic data, to gauge the next potential move for XAU/USD.

Geopolitical Tensions Boost Gold's Safe-Haven Appeal

On the geopolitical front, escalating tensions in the Middle East are boosting demand for safe-haven precious metals. Israeli forces fired on Palestinians awaiting aid in Gaza City. The UN is warning that without more funding, things could get much worse. Poor nutrition and not enough medical care have led to the deaths of 16 children in Gaza. A UN team found signs of sexual violence during an attack on Israel but is calling for a ceasefire. Since October 7, Israeli attacks on Gaza have hurt over 30,000 Palestinians, while Hamas attacks in Israel have killed 1,139 people.

GOLD (XAU/USD) - Technical Analysis

Gold's modest uptick on March 5th, trading at $2114.875, shows a tightrope walk between gains and resistance. The precious metal's performance, marked by a mere 0.04% increase, positions it within a battleground of technical indicators and key price levels, as per the observed trading patterns.

The pivot point at $2066 serves as a crucial juncture, below which the immediate support levels at $2043, $2001, and $1977 outline potential fallbacks. Conversely, resistance levels await at $2108, $2128, and $2169, hinting at barriers gold must overcome to sustain upward momentum. Such dynamics underscore the metal's sensitivity to market fluctuations and investor sentiment, reflected in the technical outlook.

The RSI, peaking at 82, signals an overbought condition, suggesting cautious optimism among traders. Meanwhile, the MACD's value at 4.9 against a signal of 20.479 possibly indicates a disparity between immediate price actions and longer-term market trends. The 50-day EMA at 2098 reinforces a bullish undertone, yet the strategy to sell below $2120 with a take-profit at $2100 and a stop loss at $2129 acknowledges the immediate pressure points and potential pullback zones.

In essence, gold's current market positioning underscores a nuanced balance between bullish prospects and the need for strategic caution, given the looming resistances and overbought signals. As the market awaits further cues, the overarching narrative is one of vigilance and measured optimism.

Daily Price Outlook

Gold's modest uptick on March 5th, trading at $2114.875, shows a tightrope walk between gains and resistance. The precious metal's performance, marked by a mere 0.04% increase, positions it within a battleground of technical indicators and key price levels, as per the observed trading patterns.

The pivot point at $2066 serves as a crucial juncture, below which the immediate support levels at $2043, $2001, and $1977 outline potential fallbacks. Conversely, resistance levels await at $2108, $2128, and $2169, hinting at barriers gold must overcome to sustain upward momentum. Such dynamics underscore the metal's sensitivity to market fluctuations and investor sentiment, reflected in the technical outlook.

The RSI, peaking at 82, signals an overbought condition, suggesting cautious optimism among traders. Meanwhile, the MACD's value at 4.9 against a signal of 20.479 possibly indicates a disparity between immediate price actions and longer-term market trends. The 50-day EMA at 2098 reinforces a bullish undertone, yet the strategy to sell below $2120 with a take-profit at $2100 and a stop loss at $2129 acknowledges the immediate pressure points and potential pullback zones.

In essence, gold's current market positioning underscores a nuanced balance between bullish prospects and the need for strategic caution, given the looming resistances and overbought signals. As the market awaits further cues, the overarching narrative is one of vigilance and measured optimism.

GOLD - Trade Ideas

Entry Price – Sell Below 2120

Take Profit – 2100

Stop Loss – 2129

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$2000/ -$900

Profit & Loss Per Mini Lot = +$200/ -$90

Daily Outlook

The current technical outlook for gold (XAU/USD) on March 4th reveals a slight downtrend, with the price at $2081.125, marking a 0.10% decrease. The commodity is navigating a cautious path below its pivot point of $2086.70, indicating potential resistance ahead. The key resistance levels to watch are at $2098.43, $2108.83, and $2117.94, which if breached, could signal a bullish reversal. Conversely, immediate support is found at $2073.10, with further cushions at $2064.30 and $2050.70, suggesting areas where declines might find a floor.

Technical indicators provide a more nuanced view. The Relative Strength Index (RSI) stands at 77, hinting at overbought conditions that could precipitate a pullback. The formation of an inverted hammer pattern on the 4-hour timeframe reinforces this bearish outlook, suggesting potential for a correction. Moreover, the 50-Day Exponential Moving Average (EMA) at $2040.07 offers underlying support, highlighting a significant gap between current prices and the medium-term trend line.

Given these observations, the strategy leans towards a bearish bias with a recommended entry price for selling below $2085. Targets for taking profit and stopping losses are set at $2069 and $2098, respectively. This approach underscores a cautious stance in the short term, advising traders to watch for potential shifts around pivotal levels that could dictate the next phase in gold's price trajectory.

GOLD - Trade Ideas

Entry Price – Sell Below 2085

Take Profit – 2069

Stop Loss – 2098

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$1600/ -$1300

Profit & Loss Per Mini Lot = +$160/ -$130

Daily Price Outlook

Despite the mixed performance of US dollar, the gold price (XAU/USD) failed to stop its subdued movement and remained well-offered around $2,080. However, the sluggish movement in the gold price is driven by the risk-on market sentiment, which tends to undermine the safe-haven gold price. On the flip side, the US dollar is losing its traction following the release of Friday's disappointing US macro data and less hawkish remarks by Federal Reserve officials. This was seen as a key factor that could cap further losses in the gold price.

Impact of U.S. Macroeconomic Data and Federal Reserve Comments on Gold Price and U.S. Dollar

On the US front, the US Dollar is struggling due to disappointing macro data released on Friday. Meanwhile, Federal Reserve officials' less hawkish comments are also weighing on the currency, boosting the price of Gold. On the data front, the latest ISM survey indicates a faster contraction in US manufacturing activity in February than expected. In the meantime, the employment in the sector dropped to a seven-month low. Whereas, the ISM Manufacturing Index fell to 47.8 from January's 49.1, with the New Orders Index declining to 49.2. Moreover, the Prices Paid Index dipped to 52.5 from 52.9. The University of Michigan's Consumer Sentiment Index also fell short, dropping to 76.9 in February.

Furthermore, Chicago Federal Reserve President Austan Goolsbee indicate concerns about tight monetary policy, while Dallas Fed President Lorie Logan suggested slowing down the shrinking of the balance sheet. Fed Governor Adriana Kugler expects progress in combating disinflation, and Richmond Fed President Thomas Barkin anticipates a decrease in overall inflation in the coming months. Additionally, Fed Governor Christopher Waller expressed interest in increasing the central bank's holdings of short-term Treasuries, which could push down US Treasury bond yields.

Therefore, the struggling US Dollar and less hawkish Fed remarks are lifting Gold prices. Meanwhile, the disappointing US macro data, particularly in manufacturing and sentiment, further boosts Gold's appeal amid economic uncertainty.

Impact of Risk-On Market Sentiment on Gold Price and U.S. Stock Index Futures

On the other hand, the risk-on market sentiment was seen as a key factor that kept the lid on any additional gains in the gold price. U.S. stock index futures remained relatively unchanged on Monday, signaling a potential slowdown in the record-breaking rally as investors await updates on monetary policy and the Presidential Election. However, the S&P 500 Futures edged down 0.1% to 5,141.75 points, while Nasdaq 100 Futures stabilized at 18,340.50 points, and Dow Jones Futures dipped 0.1% to 39,098.0 points but still flashing green, which indicate risk-on mood in the market possibly due to AI-led tech stock gains and expectations of early interest rate cuts.

Therefore, the risk-on market sentiment, coupled with expectations of early interest rate cuts and AI-led tech stock gains, limited additional gains in the gold price amidst relatively stable U.S. stock index futures.

GOLD (XAU/USD) - Technical Analysis

The current technical outlook for gold (XAU/USD) on March 4th reveals a slight downtrend, with the price at $2081.125, marking a 0.10% decrease. The commodity is navigating a cautious path below its pivot point of $2086.70, indicating potential resistance ahead. The key resistance levels to watch are at $2098.43, $2108.83, and $2117.94, which if breached, could signal a bullish reversal. Conversely, immediate support is found at $2073.10, with further cushions at $2064.30 and $2050.70, suggesting areas where declines might find a floor.

Technical indicators provide a more nuanced view. The Relative Strength Index (RSI) stands at 77, hinting at overbought conditions that could precipitate a pullback. The formation of an inverted hammer pattern on the 4-hour timeframe reinforces this bearish outlook, suggesting potential for a correction. Moreover, the 50-Day Exponential Moving Average (EMA) at $2040.07 offers underlying support, highlighting a significant gap between current prices and the medium-term trend line.

Given these observations, the strategy leans towards a bearish bias with a recommended entry price for selling below $2085. Targets for taking profit and stopping losses are set at $2069 and $2098, respectively. This approach underscores a cautious stance in the short term, advising traders to watch for potential shifts around pivotal levels that could dictate the next phase in gold's price trajectory.