Gold price snaps five day winning streak; heavily offered below $2,700 mark

GOLD ANALYSIS & NEWS

Gold price snaps five day winning streak; heavily offered below $2,700 mark

~Gold made a high of $2721 on market opening and then dropped.

~Gold prices dropped heavily almost 2% today ($63) on following reasons.

REASONS WHY GOLD PRICES DROPPED TODAY

1. Trump Nominates Scott Bessent as Treasury Secretary: Clears market uncertainty, providing clarity on financial leadership.

2. Israel-Hezbollah Ceasefire Talks: Reports suggest a ceasefire is near, boosting investor confidence and reducing geopolitical risk.

3. US Fed policy : Hawkish remarks from Fed officials raise the likelihood of keeping rates on hold in December, with some probability of a 25bps rate cut.

4. Bets for slower Fed rate cuts also drive flows away from the non-yielding yellow metal.

WHAT'S EXPECTED IN GOLD TODAY?

1. Gold is forming consolidation range now in between $2658 to $2674.

2. If Gold breaks the immediate resistance at $2676 and sustains there, Then it can go again to $2690-2695 range.

3. Potentially Gold is in Bearish Zone now, And If Gold manages to Break the support at $2658 and sustained there. Then we can expect $2623 will be Next Target.

4. SELL on RISE is expected today, SELL area would be $2678-84.