Gold remains bullish ahead of key data
Gold price compression
Gold remains within defined ranges after breaking out from $2,500, with the price currently compressing near the upper level of resistance. The breakout occurred at the blue dotted trend line, and the price is now consolidating its gains. This consolidation indicates bullish pressure and suggests a likely continuation of upward movement. However, the market is now awaiting key economic data from the U.S., which will determine the next direction for the gold market.
Conclusion
In conclusion, gold prices continue to exhibit bullish momentum, underpinned by a weaker U.S. dollar and declining U.S. yields, which highlight the metal's role as a safe-haven asset in times of economic uncertainty. As the market eagerly anticipates key U.S. economic data, the ongoing consolidation near resistance levels suggests that gold is well-positioned for further gains.
