Veda_Solomon

Gold is trading near $2,625 per ounce, consolidating below the key resistance of $2,654. While geopolitical tensions support demand, a strong U.S. dollar and rising bond yields limit upward momentum.The $2,584 support level is critical; a break below may push prices toward $2,484, while a move above $2,654 could target $2,680. Traders should watch for a breakout from the current range for clearer direction.

Last week, gold posted an impressive gain of over $150 per ounce, recovering strongly across all trading sessions. This remarkable performance highlights the unwavering confidence of investors in the precious metal, particularly during times of economic and geopolitical turmoil.From a personal perspective, gold's upward momentum is expected to remain supported by safe-haven demand as geopolitical tensions continue to escalate. Additionally, the "buy-the-dip" activity during minor corrections has helped sustain gold prices at elevated levels.In the short term, if gold holds above the critical $2,700/ounce mark, the likelihood of it advancing to $2,800/ounce increases significantly. Moreover, optimistic forecasts suggest that gold could reach $3,000/ounce by next year, despite the challenges posed by a strong US Dollar and rising US bond yields.Gold continues to solidify its role as a "safe harbor" during uncertain times. With its current upward trajectory, the precious metal remains a highly attractive asset, drawing robust interest from investors across the globe.

Spot gold rose by $21.1 to $2,669.5/ounce, while gold futures climbed $23.5 to $2,672.5/ounce. This marks the fourth consecutive session of gains, reaching its highest level in over a week, driven by strong safe-haven demand.Key drivers include Nvidia's gloomy revenue forecast, escalating tensions between Russia and Ukraine, and the U.S. veto of a UN Security Council resolution on a ceasefire in Gaza. These factors have shifted investor interest towards gold as a safe-haven asset amidst growing uncertainties.Notably, gold prices have surged by 4% this week, the best weekly performance since April, rebounding from the sharpest drop in three years. Personally, I believe the next target is breaking the $2,700/ounce resistance level, potentially paving the way for further gains.What about you? Do you think gold will conquer this critical milestone?

Gold prices continued their upward adjustment today, marking a three-day streak of gains as heightened risk aversion fueled demand for safe-haven assets. This impressive rally comes despite the strengthening U.S. dollar, showcasing the precious metal's resilience in uncertain market conditions.So far this week, gold has surged over 3.40%, with bullish momentum driving prices closer to the key $2,700 mark. As investors seek refuge from mounting geopolitical tensions and economic risks, gold remains firmly in the spotlight, reinforcing its role as a reliable hedge against market volatility.

Gold prices extended their recovery momentum on Wednesday, gaining over 70 pips during the early session and hovering around $2,639.While the precious metal shows signs of short-term strength, the broader trend remains favorable for sellers. Gold’s recent rally stems from a weakening U.S. dollar, as investors took profits following last week’s sharp dollar gains. Since gold is dollar-denominated, a weaker dollar makes it more attractive to buyers using other currencies.Geopolitical tensions also continue to provide support, with the next target set at the $2,665 resistance level. Should gold breach this level, further recovery may follow. However, if resistance holds, the primary bearish trend suggests prioritizing selling opportunities.

The gold market is displaying a recovery after recent losses, currently hovering near $2,645. However, the upward momentum is now approaching a critical resistance zone.Market Highlights:Resistance Zone: Gold faces significant resistance near $2,645-$2,650. A rejection at this level could trigger a downward retracement.Support Levels: The support zone near $2,575-$2,550 remains key for the current trend's stability.Volume Insight: Increased trading volume around the resistance level hints at a potential breakout or sharp reversal.Trading Strategy:Sell on Resistance Rejection: Monitor for bearish signs near $2,645, targeting $2,575 with a stop-loss above $2,650.Buy on Retracement: If prices pull back to the $2,575-$2,550 support zone, look for long opportunities targeting $2,645, with a stop-loss below $2,540.While the bullish recovery is encouraging, a clear break above resistance is needed to confirm further upside potential. Traders should stay vigilant as market sentiment evolves.