Gold Retreats to $2,640 as Traders Eye Buying Opportunities
Gold prices pulled back 0.8% to $2,640 per ounce during Tuesday's session, prompting traders to increase long positions on the dip. The precious metal's decline coincided with a stronger US dollar and rising Treasury yields, with the 10-year yield climbing to 4.25%. AUD/USD weakened 0.4% to 0.6480, pressured by both dollar strength and softer commodity prices. Technical analysis shows gold maintaining support above the $2,620 level, with the 50-day moving average providing a floor. Traders report accumulating positions during the pullback, viewing recent highs near $2,680 as achievable targets. Market positioning data indicates net long positions have increased by 15% over the past week, suggesting underlying bullish sentiment remains intact despite the correction. Near-term resistance stands at $2,660, with a break above potentially triggering momentum toward $2,700.
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