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Gold prices are currently in a bullish consolidation phase, trading around $4,700 after retreating from a three-week high of $4,774. The metal has found support near key psychological levels, with technical indicators showing mixed signals. Market participants are closely monitoring the upcoming Trump-Xi meeting, as geopolitical tensions and trade relations between the US and China could influence safe-haven demand for gold.
For traders, the consolidation phase presents opportunities for range-bound strategies, with potential breakouts depending on the outcome of the Trump-Xi summit. Geopolitical developments often drive gold's performance, making this meeting a critical event to watch. Additionally, the Federal Reserve's monetary policy and inflation data will play supporting roles in shaping the asset's trajectory.
Investors should monitor the meeting's impact on risk appetite and safe-haven flows. Technical levels to watch include $4,680 (support) and $4,800 (resistance). Broader macroeconomic factors, such as the US dollar's strength and global equity market movements, will also influence gold's direction in the coming weeks.
