How will the gold price behave today?

Hello everyone, after a short price drop last night, gold has begun its journey to find a new peak. In today's trading session, gold is attempting to overcome the $2,400 resistance level, supported by renewed weakness in the US Dollar and persistently low US Treasury yields, which creates conditions for this unprofitable precious metal.

Gold may continue to be popular as a safe haven whenever the market fluctuates, amid concerns about the current geopolitical situation. However, this could change if upcoming statements from US Federal Reserve (Fed) policymakers increase expectations for interest rate cuts at their September meeting. Besides, upcoming housing market data and weekly unemployment claims from the US will also provide further guidance to gold investors in the coming days.

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