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Gold cooling off the record $2532.
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Traders await FOMC minutes for clues.
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Dollar Index plunges to 50 Month EMA.
Gold is seen consolidating after reaching new record high $2532 and some retracement is visible ahead of upcoming FOMC meeting minutes which may provide some clues for further direction on the course of the precious metal in the short term.
Tomorrow initial jobless claims is scheduled to release critical numbers which may furter impact short-term range.
The metal is facing some resistance at $2515-$2520 which is required to be cleared for retesting $2532 above which next leg higher comes at $2550-$2560.
Immediate support is seen positioned at $2500 which if breached, can extend decline to next downside potential $2492-$2482.
If $2482 is broken, downward retracement is likely to extend to $2472.
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
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