Gold Price Forecast and Technical Analysis Today

Gold price maintains its gains above $2,340 an ounce, extending its recovery from over a month low of $2,290 an ounce.

Gold has launched higher during the trading session on Wednesday, and CPI numbers in the United States came out a little bit lower than anticipated.

As expected, gold prices have been trading in a narrow range with a downward bias, settling around $2315 per ounce pending the reaction to key US data and event

Stay updated on gold's support levels and potential entry points as the market navigates ahead of the FOMC meeting. Gain insights into market sentiment surrounding gold's resilience amid recent turbulence and its attractiveness to buyers amidst geopolitical tensions and central bank actions. Explore key support levels, including the crucial $2,280 level, and potential market reactions following the FOMC meeting. Despite near-term volatility, consider opportunities for value buying while remaining cautious of potential surprises in reaction to market events.

Gold prices had risen 12% since the beginning of the year and were up nearly 18% over the past 12 months.

Gold futures plunged at the end of the first trading week of June, supported by a hotter-than-expected U.S. jobs report that pushed up U.S. Treasury yields and the U.S. dollar.

Gold has gotten absolutely pummeled on Friday after the jobs report came out hotter than anticipated.

Gold prices have returned to the $2355 resistance level despite a steady US dollar ahead of the May US jobs report due later this week.

Gold markets rallied a bit during the early hours on Wednesday.

Gold futures fell as financial markets digested the latest jobs data and witnessed a rebound in the US dollar.

Gold prices hovered around $2,352 an ounce during Tuesday's trading, after posting gains in the previous session supported by growing expectations of monetary policy easing by major global central banks.

Gold futures were little changed to end the shortened trading week due to the US holiday, as financial markets seemingly ignored the latest US inflation report.

Gold has been under selling pressure for the past two days, falling near $2323 an ounce today, Thursday, continuing its decline amid rising US Treasury yields and demand for the US dollar driven by hawkish comments from Fed officials.

Gold prices dipped on Wednesday from yesterday's highs near $2,365 an ounce.

For the third day in a row, the price of gold is trying to rebound higher, but its gains stopped at the resistance level of $2,358 per ounce, before settling around the level of $2,352 per ounce at the time of writing the analysis.