Gold prices are holding steady around the $2,670 level, hitting a more than one-week high, supported by rising demand for safe-haven assets amid growing geopolitical risks in the Middle East. This marks the second consecutive day of gains, and the fourth positive session in the past five days.

The increased demand for gold comes alongside a slight dip in the US Dollar, which is consolidating after reaching a two-month high. However, expectations that the Federal Reserve will only implement modest interest rate cuts in November, likely around 25 basis points, could limit the dollar’s decline, which in turn may cap significant upward momentum for gold.

Technical Analysis:

Gold’s price trajectory remains near its all-time high, maintaining a bullish outlook. Any further upward movement could face resistance near the $2,685-$2,686 range, which corresponds to the record high from September. If gold surpasses the $2,700 level, it could signal an extension of the ongoing multi-month uptrend, supported by positive indicators on the daily chart.

On the downside, immediate support lies around $2,650, and a break below this could push gold down to the $2,632-$2,630 region. Any further decline would likely attract buyers, with the $2,600 mark acting as a crucial level of support. If this level is breached, it could trigger more substantial selling pressure and deeper price corrections.