Today's short-term resistance is at $4,633; failing to pass it calls for caution against selling pressure. A break above allows further rebound, but if the price cannot make a Higher High above $4,696–$4,673, caution regarding a correction remains. However, it is assessed as a correction for further upside, with support levels at $4,583 and $4,556–$4,500 respectively.

Investment strategy: Take profit on long positions if prices fail to pass $4,633–$4,673; if it passes $4,673, delay selling until the next resistance level.

Open long positions again if price pullbacks hold above $4,583; if it breaks below, delay entering long positions until $4,556–$4,500 (Stop loss if price breaks below $4,500).

Key Factors Highlight

In the short term, gold prices have experienced periodic profit-taking after the Relative Strength Index (RSI) displayed a Bearish Divergence, leading the price into a consolidation range marked by lower highs and lower lows. Additional pressure stems from a rebound in the U.S. Dollar Index following a higher-than-expected PCE inflation reading, while Core PCE aligned with market forecasts.

Nevertheless, despite the weakening price momentum, the pullback is expected to remain limited, allowing the market to consolidate strength for another upward leg. Gold continues to draw safe-haven support following aggressive signals from U.S. President Donald Trump toward Canada after bilateral trade negotiations collapsed.