SHORT GOLD FOR PULLBACK

Gold prices are currently trading with a negative bias below their record high, due to a generally positive risk tone and a modest USD uptick, bolstered by bets for smaller Fed rate cuts and elevated US bond yields ¹. However, Middle East tensions, US political uncertainty, and an easing monetary policy environment might continue to support XAU/USD.

*Key Levels to Watch:*

- _Support levels:_ $2,721.20, $2,708.50, $2,698.60
- _Resistance levels:_ $2,732.70, $2,743.15, $2,758.40 ¹

The daily chart for XAU/USD shows bulls retaining control, with technical indicators resuming their advances around weekly highs after a modest downward correction ¹. The pair trades above bullish moving averages, with the 20 Simple Moving Average (SMA) currently hovering at around $2,670.

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