GOLD Rate cut hopes, geopolitical tensions boost gold prices

GOLD New Forecast

The price of gold is expected to reach 2327 before experiencing a decline, as it remains under bearish pressure with potential targets at 2307 and 2302. Conversely, a break above 2327 could signal a shift to a bullish trend. The situation in the Middle East is stable, which could influence a decline in prices as part of their monthly retest. Following this, the forthcoming CPI data will provide further insight into the subsequent directional movement of gold prices.

Pivot Price: 2327
Resistance Levels: 2342, 2357, 2371
Support Levels: 2309, 2294, 2278

Today's anticipated trading range is between the support level at 2294 and the resistance level at 2342.

NOTE:
Gold will "remain sensitive to geopolitical developments, with any breakdown of the ceasefire agreement potentially translating to another move higher in price,"