Post #15877

Gold Holds Above Breakout Zone, but Upside Remains Capped Gold pulled back early, but price is still holding above key levels after breaking out of its prior range. Right now, it looks to be retesting what could become new support. The issue is confirmation still looks a bit messy, so this move has not fully cleaned up yet. Gold remains supported by broader uncertainty, but the upside is being capped. On one side, ongoing trade-policy uncertainty and geopolitical tension with Iran are still keeping demand for safe havens in the mix. On the other, a firmer U.S. dollar and the prospect of a U.S.-Iran deal are limiting how far gold can run from here. Markets are also weighing the possibility that U.S. rates stay higher for longer, which adds another headwind for bullion. With EdgeFinder showing a neutral reading, gold does not look like a high-conviction trade in either direction right now. So for now, I'll sit back, relax, and wait for the obvious trade. - Alan