Gold prices have hit a record high of 2801, marking a fifth consecutive weekly gain as investors turn to the safe-haven metal amid heightened U.S. tariff concerns. However, after reaching this peak, the price is undergoing a natural bearish correction toward the last support level at 2789, where buyers may look to re-enter the market.
This pullback is a normal market movement, as traders take profits before the next potential rally. The key inflation report due later today could further influence gold’s direction, with rising inflation likely to support continued bullish momentum. As long as the price holds above 2789, the outlook remains positive, with a strong possibility of another push toward new all-time highs. However, a break below this support level could signal a deeper correction, making it crucial to monitor market reactions closely.
This pullback is a normal market movement, as traders take profits before the next potential rally. The key inflation report due later today could further influence gold’s direction, with rising inflation likely to support continued bullish momentum. As long as the price holds above 2789, the outlook remains positive, with a strong possibility of another push toward new all-time highs. However, a break below this support level could signal a deeper correction, making it crucial to monitor market reactions closely.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Profit isn’t about luck, it’s about strategy. Get free signals and trade smarter: Telegram Channel [t.me/ArinaMarketAnalysis].
The market is waiting—you can make money, and you should.
The market is waiting—you can make money, and you should.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.