Commodities

Gold Price Prediction: Bulls Paused, Next Move Hinges on $2,600 Support

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Written By: Lilly Mwogah

Oct 02, 2024, 10:51 BST 10:51

Summary:

Gold prices are retreating today after reaching recent highs. The precious metal is trading around $2,650.36, showing a slight drop of 0.49%

Gold prices are retreating today after reaching recent highs. At the moment, the precious metal is trading around $2,650.36, showing a slight drop of 0.49%. Despite this minor dip, the overall bullish momentum remains in play, provided key support levels stay intact.

Gold Key Support and Resistance Levels

Immediate resistance stands at $2,686.28, a price level that Gold briefly touched before retracing. If Gold breaks above this level, it could reignite the bullish momentum, pushing prices toward new highs.
Key support is marked at $2,600.07, a crucial level that buyers have successfully defended over the past week. A fall below this support could see Gold retrace further, potentially toward the next major support at $2,524.95.

Gold Daily Chart Analysis

Bullish Outlook With Caution

Gold has been on an upward trend since the summer, gaining momentum from rising inflation fears and geopolitical tensions. However, the current stall near $2,686 suggests that bulls may need fresh catalysts to push prices higher. If broader market conditions remain favourable, Gold could resume its upward march.

For traders, it’s essential to monitor the $2,600 support. A break below this level may signal a shift in sentiment and open the door for further declines.

This post was last modified on Oct 02, 2024, 10:51 BST 10:51

Written By: Lilly Mwogah

Lilly Mwogah is a finance writer specializing in cryptocurrencies, forex, and indices. Passionate about simplifying complex financial topics, she creates engaging content for a broad audience. With a solid grasp of market trends and economic indicators, her work informs and empowers readers to navigate the dynamic finance world.