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Here's what I'm watching in gold today: After breaking above its $2,400 to $2,450 resistance zone earlier this week, gold is correcting along with other markets that are selling off. I want to see if the spot price of gold can hold $2,400 by the close of trading today. Ifโฆ https://t.co/CfJcrftF8p
#Gold eases from record highs on firmer US dollar, profit-taking https://t.co/UfBRl1c9Eb via @Reuters https://t.co/jzlFfKomKL
Market update with @RufasKe Gold is trading near a multi-day low of around $2,420 after dropping 1% this morning, pressured by a stronger USD and recent profit-taking. The downside appears somewhat limited. Weaker Japanese Yen and underperforming UK retail sales are addingโฆ
Gold prices have experienced a retreat from record highs, with recent trading around $2,420 after a 1% drop attributed to a stronger U.S. dollar and profit-taking. Analysts noted that gold was previously testing a key breakout level of $2,500, but faced rejection, indicating strong buying interest at pullbacks. Support is observed at $2,300, while the market is closely watching whether the spot price can maintain above $2,400 by the end of the trading day. The overall sentiment remains cautious, with external factors such as a weaker Japanese yen and underperforming UK retail sales contributing to the current market dynamics.