Gold’s Next Move: Key Levels to Watch Amid Consolidation

Gold is currently consolidating on the lower timeframes within the range of 2576 to 2559, maintaining its bearish trend. The next significant support level is at 2529, with a demand zone just below at 2518, where a daily engulfing candle is evident. This area is likely to prompt a price reaction, potentially leading to a retracement toward 2610 as the market retests the recent break of structure and trendline.

Another key level to monitor is 2480, which could attract significant interest. On the upside, if gold breaks and stabilizes above 2577, the initial target would be 2688. A successful break and retest of this level would pave the way for a continued move to 2610.