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.