Gold's price rebound has stalled this week, remaining capped below $2330 as it shows little response to US bond yields, the US dollar, or recent geopolitical developments. The market has entered a phase of consolidation, maintaining a narrow trading range with support near $2286 and resistance at $2330. Despite the general upward momentum, gold has struggled to break above the $2330 mark, largely unaffected by stable US bond yields and the dollar, as well as ongoing geopolitical tensions. For now, traders are favoring a range-bound strategy until a clear directional signal emerges.
Posted: 2024-05-07 08:58:26.000000