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.
Recent News
GBPUSD making a Bearish Flag
November 21, 2024
Market Insights
DAX bounce back from daily support level...
November 04, 2024
Market Insights
WTI Crude Oil Faces Resistance at $80.47...
March 29, 2025
Market Insights
GOLD Profit Booking?
February 15, 2025
Market Insights
Silver forms massive Inverted Head & Sho...
August 13, 2025
Market Insights
US Tech 100 Eyes Bullish Breakout Above...
July 07, 2025
Market Insights