Comex Gold Futures Consolidate After 0.3% Spot Decline on Daily Chart

Spot gold slipped roughly 0.3% in intraday trade as traders took profits and tested short-term technical levels, while RHB Retail Research’s daily-chart note suggested Comex gold futures may be entering a consolidation phase rather than a decisive break.

RHB analyst Joseph Chai highlighted that the relative strength index (RSI) is moving sideways and that futures remain trading above the 20- and 50-day simple moving averages (SMA), arguing the bullish technical framework would remain intact so long as the $2,800/oz support holds. Longbridge reported spot gold around $2,929.74/oz at the time of the note.

The modest pullback appears driven by routine profit-taking amid continued safe-haven demand and geopolitical uncertainty; brokerage commentary cited by XTB points to persistent underlying bids for the metal even as near-term volatility can cause corrective moves. Traders are watching immediate resistance near $3,000/oz and higher technical clusters around $3,400/oz.

In the wider macro context, central-bank policy expectations, US Treasury yields and dollar direction remain primary drivers for gold. Market-disseminated notes based on Dow Jones coverage also emphasize that while some technical reads point to further upside, market participants must respect key support levels and incoming data that can quickly shift momentum.

Analysts say a sustained close below $2,800/oz would increase the probability of a deeper correction, while holding above that level keeps the medium-term bullish case intact. Near-term catalysts to monitor include Fed commentary, US inflation prints and any escalation in geopolitical tensions that could re-intensify safe-haven flows into gold.