Gold (XAU/USD) pulled back after reaching a new record high, briefly dipping below $2,500. However, the precious metal quickly reclaimed this critical level, underlining its strong bullish bias in the near term.
💡 Key Factors:
Weaker US Dollar: Providing a favourable environment for gold's upward momentum.
US Inflation Data: Investors are closely watching next week’s data, which could significantly impact gold prices.
ðŸ› ï¸ Technical Outlook:
Gold remains in a bullish trend, with recent pullbacks seen as healthy corrections.
Resistance levels to watch: $2,531 and $2,560.
Support level: $2,500.
🔠Conclusion:
Gold’s bullish outlook remains intact. Keep an eye on the US inflation figures next week—they could be the catalyst for gold’s next major move!
Disclaimer
The analysis provided above is for informational purposes only and should not be construed as financial or investment advice.
