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Today, gold is attracting some sellers. Meanwhile, the U.S. dollar, buoyed by signs of a resilient U.S. labor market and fewer chances for more aggressive monetary easing by the Federal Reserve, is holding on to its recent gains from the past two days.
This factor is primarily pressuring the precious metal. However, the decline in gold prices is being mitigated by the risk of a full-scale war in the Middle East. Fears resurfaced after reports of missile strikes by Iran on Israel on Tuesday. These developments are weighing on investor sentiment, supporting gold as a safe-haven asset.
Therefore, any further decline may be viewed as a buying opportunity. Today, short-term trading opportunities could arise from the release of the U.S. ADP employment report on private-sector jobs.
From a technical perspective, yesterday's strong upward movement during the North American session reinforced the short-term breakout point of the upward channel resistance. This has now turned into support within the $2,624–2,630 area. This zone now serves as a key support level, and a decisive break below it could trigger technical selling. The subsequent decline could pull the price down toward the $2,600 level and the next support zone around $2,560, potentially leading to the $2,532 level.
On the other hand, the $2,672 level may continue to provide resistance ahead of the recent all-time high reached last week. Beyond that, the $2,700 level could serve as a new catalyst for the bulls, paving the way for the continuation of the long-term upward trend.
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