Short

Gold Falls from Peak, but Rate Cut Hopes Keep Outlook Positive

● Gold prices fell after hitting a high at $3057.59 due to a stronger US dollar, making it more expensive for overseas buyers.
● Despite this, gold is set for its third consecutive weekly gain, up 0.7% this week.
● Market participants expect at least two US Federal Reserve rate cuts this year, supporting gold's long-term bullish outlook.

◉ Technical Observations
● While moving through the rising parallel channel, the price has just faced resistance from the upper boundary and is expected to have a pullback towards $2,950.
● If the price slips below this level, the next strong support is expected near $2,790.

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