This article evaluates the short-term outlook for gold prices, examining various scenarios that may unfold later in the week following the release of U.S. core PCE data.
Gold prices pivoted lower on Monday after failing to clear the $2,035 zone – an area of confluence resistance where a downtrend line converges with the 50-day simple moving average. If this bearish rejection is confirmed in the days ahead, a pullback towards $2,005 could be on the horizon. On further weakness, attention will be on $1,990, followed by $1,995.
On the flip side, if buyers regain decisive command of the market and trigger a breakout beyond $2,035, bullish impetus may gather pace, reinforcing the upward thrust and laying the groundwork for a rally towards $2,065. Additional gains past this juncture might bring focus to $2,090 and subsequently $2,150—the all-time high.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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