Gold Futures Rebound, Eyeing Key Levels Amid Dollar Weakness

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Gold Futures Rise, Recovering Some Losses on Weaker Dollar

Gold retreated from near-record highs on Wednesday after U.S. inflation data, while positive, suggested that the Federal Reserve might implement smaller-than-anticipated interest rate cuts in September.

Technical Analysis: Gold

• Current Outlook:
  The price hit our target perfectly and has since reversed. It is now attempting to reach 2,466, with a focus on the bullish volume above 2,475. Stability above this level could drive the price higher towards 2,493 and 2,525.
  
  
• Bullish Scenario:
  The price is currently attempting to reach 2,466. A break above this level could activate a bullish trend, leading to 2,475, and further gains towards 2,493.
  
  
• Bearish Scenario:
  As long as the price trades below 2,466 and 2,460, it remains in a bearish zone, potentially declining towards 2,442 and further down to 2,428.
  
  
• Key Levels:
  - Pivot Line: 2,460
  - Resistance Levels: 2475, 2484, 2493
  - Support Levels: 2442, 2430, 2420
  
  
• Today's Expected Trading Range:
  The price is anticipated to fluctuate between 2,428 and 2,475.
  
  *Tendency: Consolidation between 2,466 and 2,442, with a bearish bias.
  
  previous idea: