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Gold prices are showing signs of consolidation after reaching an all-time high in the $2882–2883 range, as the U.S. dollar stages a modest rebound from its more than one-week low. This development has prompted bulls to take a step back, given the market's overbought conditions.
Despite some profit-taking, downside momentum remains limited for gold, requiring caution from sellers before assuming that the precious metal has peaked. Several key drivers continue to support gold's strength:
If a correction occurs, support is expected in the $2855–2850 level, where buyers may step in to stabilize prices. A break below this zone could expose gold to further downside toward $2810–2800. The $2773–2772 level serves as a major support level—a breakdown below this threshold could trigger technical selling, leading to a deeper retracement.
However, the recent breakout through key resistance levels suggests that the path of least resistance for gold remains to the upside.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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