Gold consolidates below $4,900 resistance as technical setup favors bullish breakout. The precious metal has rebounded approximately eighteen percent from March lows, with the fifty-day moving average near key resistance levels. Rising expectations for Federal Reserve rate cuts, combined with a weakening US dollar and declining real yields, are reducing opportunity costs and supporting gold prices. Technical analysts identify potential upside targets at $4,980, $5,039, and $5,125 if the $4,900 level is decisively cleared. Key support sits at $4,700 and $4,645 for short-term traders. Gold has underperformed equities despite similar macroeconomic drivers, suggesting potential for a bullish catch-up move in the coming weeks.
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