Short

Gold Prices Take a Breather: First Weekly Decline in Nine Weeks

◉ Overview
● Gold prices have risen for eight consecutive weeks, driven by safe-haven demand and a weaker US dollar.
● However, with US inflation data scheduled for release, investors are becoming cautious, leading to a decline in gold prices.
● The US inflation data will provide insight into the Federal Reserve's future monetary policy decisions.

◉ Technical Observations
● After hitting an all-time high near $2,956, the prices are now declining.
● In the weekly chart, a Bearish Engulfing candlestick pattern could be observed, indicating negative market sentiments.
● A support level is expected at $2,790, which is nearly 3% below the current market price.

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