Gold Enters Range-Trading Phase as USD Strength Wavers

Gold prices have shifted into a consolidation phase between $2,045-2,065/oz as dollar momentum stalls and traders await clearer directional catalysts. The precious metal gained 0.4% in early Thursday trading to $2,055/oz, supported by a softer US Dollar Index which retreated from 103.50 to 103.20. Technical analysis reveals a symmetrical triangle pattern forming on the daily chart, suggesting an imminent breakout. The S&P 500's 0.3% decline and Nasdaq's 0.5% drop amid tech sector concerns have increased safe-haven demand for gold. GBP/USD remains range-bound near 1.3070, reflecting broader forex market indecision. Traders are monitoring the 50-day moving average at $2,048 as key support, while resistance sits at the recent high of $2,068. A decisive break above $2,070 could target $2,100, while failure to hold support might see a retest of $2,030. Market positioning data shows net long positions increasing 5% week-over-week.