Gold Consolidates in Asia Morning Session, Faces Potential Technical Pullback

Deep News07:53

Gold is consolidating during the Asian morning session, yet it may be poised for a technical pullback after prices surged to a record high in the overnight market. However, market sentiment remains cautious, and any potential decline in the gold price could be limited, after U.S. President Trump stated he would hold meetings with multiple parties at Davos regarding Greenland. Meanwhile, EU foreign affairs chief Caras indicated that Trump's tactic of threatening tariffs on some European nations to pressure Denmark into selling Greenland would not be effective. Konstantinos Chrysikos from Kudotrade noted in an email that the broader geopolitical backdrop continues to provide support for gold. He added that tensions exist between the U.S. and Europe, in Eastern Europe, and across the Middle East region. Spot gold was largely unchanged, trading at $4,762.92 per ounce.

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