With the strengthening of the dollar, the yellow metal retested the major support level around the 2320-2325 range.
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In the four-hour chart, gold has been exhibiting relatively muted movements around the 200-period moving average, with hawkish comments from Fed members seemingly dampening the momentum of the rebound from the 2325 level.
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Yesterday, gold responded with an upward move to the news flow containing geopolitical tensions, breaking above the 200-period moving average on the 4-hour chart.
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Although the peak was refreshed last week, gold experienced a decrease of approximately $120 due to the dollar's gain in strength and relatively calm news flow, failing to sustain above this peak.
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Gold prices made a comeback on Friday, even though the US dollar was on the rise.
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For the XAU/USD pair, following its failure to maintain levels above its recent high and breaking below the triangle formation, the price of 2351 emerges as crucial.
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Gold is currently in a corrective phase within its upward trend channel.
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Following the news of the Iranian President’s helicopter crash, the yellow metal began the week by testing the 2450 level before experiencing a pullback.
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Gold, silver, and copper prices increased to record highs due to economic uncertainty and geopolitical tensions alongside the cooling trend in US inflation.
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