š Global Gold Price Update
After reaching a record high around $4,300ā$4,380/oz, gold has seen its sharpest drop in years, falling roughly 5ā6% in a single day.
As of now, spot gold is trading near $3,980ā$4,020/oz.
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š» Why Gold Dropped
ā¢ Profit-taking: Many investors took gains after gold hit all-time highs.
ā¢ Stronger USD: A firmer dollar made gold less attractive.
ā¢ Policy expectations: Shifts in Fed rate-cut outlook and U.S. inflation data (CPI) changed risk sentiment.
ā¢ Improved market mood: Signs of easing geopolitical or trade tensions reduced safe-haven demand.
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š Technical Levels to Watch
ā¢ Support: $3,800ā$3,900/oz
ā¢ Resistance: $4,200ā$4,400/oz
A breakout above $4,200 could reignite an upward move, while a break below $3,800 may trigger deeper correction.
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š® Price Outlook (Not financial advice)
ā¢ Base case: Gold consolidates between $3,800ā$4,300 in the coming weeks ā high volatility but stable long-term trend.
ā¢ Bearish case: If the USD strengthens further, gold may retest $3,500ā$3,800.
ā¢ Bullish case: If geopolitical risks rise or the Fed cuts rates sooner, gold could retest its highs above $4,400.
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š§ Key Factors to Monitor
ā¢ U.S. inflation and jobs data (CPI, PCE).
ā¢ USD index and ETF gold inflows/outflows.
ā¢ Global geopolitical or trade tensions.$PAXG
