Recent Performance:
• Price Movement: Over the past week, gold prices have experienced fluctuations, with current levels around $2,915.
Technical Analysis:
• Support and Resistance Levels: Gold is currently trading near a support zone between $2,910 and $2,914. A sustained break below this range could lead to further declines, while holding above may signal potential rebounds.
• Trend Indicators: The formation of a trendline breakout pattern suggests a potential shift in momentum towards the downside in the coming hours.
Fundamental Factors:
• US Economic Indicators: The upcoming release of the United States Consumer Price Index (CPI) is anticipated to impact gold prices, as inflationary pressures often influence investor sentiment towards safe-haven assets like gold.
• Global Economic Uncertainty: Ongoing economic uncertainties, including fluctuating inflation rates and geopolitical tensions, continue to drive demand for gold as a hedge against market volatility.