A stronger US dollar and fewer worries about inflation caused gold to retreat after hitting a record of 2431.
Market volatility is caused by geopolitical tensions between Iran and Israel, which initially increases demand for safe havens. Fed officials' remarks that strengthen the US dollar work against the price of gold. Fed rate cut bets and bullish USD seem to have little impact on the current upswing. Given how near the daily support is, there's a greater likelihood that the price may pick up additional positive momentum in preparation for the new high. And the market has a strong 4h support level at the 2330-2320 zone that is mentioned in the chart.
Market volatility is caused by geopolitical tensions between Iran and Israel, which initially increases demand for safe havens. Fed officials' remarks that strengthen the US dollar work against the price of gold. Fed rate cut bets and bullish USD seem to have little impact on the current upswing. Given how near the daily support is, there's a greater likelihood that the price may pick up additional positive momentum in preparation for the new high. And the market has a strong 4h support level at the 2330-2320 zone that is mentioned in the chart.
