- Gold Price Analysis: Will it Break Above $2,680 or Drop Below $2,630?
- Gold continues to trade in a tight range above $2,630, with buying sentiment subdued.
- Support levels at $2,590-$2,600 if price closes below $2,630.
Gold price showed indecision on Monday, remaining within a narrow range above $2,630 despite positive US jobs data and geopolitical tensions in the Middle East and South Korea.
Technically, gold held above its 20-day SMA at $2,630, but downside risks persist. A bullish move would require a break above $2,680 and the 50-day SMA, opening the path towards $2,710 and $2,750. Further upside targets lie at $2,789 and $2,810.
On the downside, a close below $2,630 could lead to support near $2,590-$2,600, with stronger support at $2,450-$2,555 to prevent a sharp decline towards $2,483-$2,500.
In conclusion, gold remains neutral amid central bank meetings and geopolitical uncertainties. A break above $2,680 or below $2,630 could signal the next directional move.