Gold 120424 Daily Chart
Gold is losing ground as traders take profits after the strong rally. U.S. dollar tested multi-month highs today. Typically, strong dollar is bearish for gold, but the current situation is unique as gold prices are driven by central bank demand and rising geopolitical tensions.
In case gold settles back below the $2350 level, it will head towards the nearest support, which is located in the $2295 – $2305 range.
