Daily Market Report
➢Gold (XAU/USD) is trading around the $4,500 psychological level, showing signs of consolidation after recent volatility in the market.
➢ The price managed to stabilize after finding support near the 100-day Simple Moving Average (SMA), but the recovery lacks strong bullish momentum.
➢ A firm US Dollar (USD) continues to cap gold’s upside, as investors prefer the dollar amid global uncertainty.
➢ The overall technical outlook still favors bears, suggesting that any upward movement could face selling pressure.
➢ Persistent geopolitical tensions in the Middle East, especially between the US and Iran, are keeping safe-haven demand alive but not strong enough to push gold higher.
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