Gold price sticks to modest intraday gains, bulls seem cautious ahead of US PCE data

GOLD ANALYSIS & NEWS

Gold price sticks to modest intraday gains, bulls seem cautious ahead of US PCE data

~Gold made a high of $2642 yesterday and then dropped to $2617.

~Gold took a reversal from $2617 zone and now trading in bullish territory.

~Gold is now trading in $2645-48 range, which is giving bullish indication.

Gold price benefits from trade war concerns as USD consolidates near weekly trough

Trump Tariffs: President-elect Donald Trump pledges to impose tariffs on all products from Canada, Mexico, and China, increasing demand for gold as a safe-haven asset.

Ukraine Conflict: Ukraine reports the largest Russian drone attack, with Russia using a hypersonic missile last week. Russian advances in Ukraine are the fastest since the 2022 invasion. North Korean troops are reportedly involved.

Escalating Tensions: Ukraine strikes deep inside Russia with Western-supplied missiles, raising the risk of further escalation in the conflict.

Middle East Ceasefire: US President Joe Biden announces a ceasefire deal between Lebanon and Israel, effective 02:00 GMT Wednesday.

WHAT'S EXPECTED IN GOLD TODAY?

1. Gold took a sharp reversal from Bearish Zone to Bullish zone. It corrects from $2617 and now trading around $2647.

2. Gold seems to be in BUY zone today. If Gold sustains above $2647 for sometime, Then it can test $2666-67 levels today.

3. If Gold manages to break $2667 levels, then we can see $2676-78 on radar as well.