Gold has recently pulled back after a strong run, mainly due to rising interest rate expectations, a stronger US dollar, and profit-taking by investors. As a non-yielding asset, gold tends to face pressure when rates stay higher for longer, and we’re also seeing some outflows from gold ETFs like the SPDR Gold Shares. This has led to weaker short-term momentum, with prices entering a consolidation phase rather than a clear uptrend.
For the SPDR Gold Shares, key levels to watch are around $400 as immediate support, followed by a stronger support zone at $385–$390, and a deeper level near $360–$370 if macro conditions remain tight.
Gold Rebounds — Take Profits or Keep Holding?
Gold prices rebounded strongly, snapping a nine-day losing streak, as reports emerged that the U.S. is seeking a ceasefire to advance diplomatic negotiations.
Gold rose as much as 2.2%, climbing back above $4,570 per ounce, extending the previous session’s 1.6% gain.
Trump stated that Iran has presented a “gesture of goodwill” for negotiations, related to energy transportation through the Strait of Hormuz.
According to Axios, Washington and regional mediators are discussing the possibility of high-level peace talks as early as Thursday, though they are still awaiting Tehran’s response.
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