GOLD (NEW HIGH LEVEL & REVERSING)Gold prices are currently stabilizing as market participants remain cautious ahead of the U.S. Federal Reserve's interest rate decision. The price is undergoing a correction, approaching the $2,750 support level, which is expected to play a crucial role in determining the next move. If buyers step in at this zone, gold could see a strong rebound, pushing toward $2,789, with a potential breakout to $2,810 if bullish momentum persists.
However, broader market conditions introduce an element of uncertainty. The recent short-covering rally, fueled by concerns over tariffs, drove prices close to all-time highs, but profit-taking has since led to fluctuations. Last week, gold surged 2.6%, nearing its October peak, but has now entered a period of consolidation as traders assess the impact of potential Fed rate cuts and a possible equity market correction.
If gold fails to hold $2,750, the next critical test lies at $2,731. A break below this level would shift momentum, signaling a deeper pullback. Given the volatile macroeconomic landscape, the market remains at a crossroads, waiting for clarity on policy direction before making its next decisive move.
