Record Attempt in Spot Gold

Following the release of lower-than-expected US consumer and producer inflation data, the yield on 10-year Treasury bonds retreated to around 3.40%, and the US dollar exhibited a weak global outlook. We observe that with the weakening of the dollar, the price of gold has gained strength. The price of gold is targeting new peak levels by continuing the upward trend it started on March 8th. It is displaying a determined outlook to remain above the $2,000 level. The market is considering the pullbacks and corrections in the price of gold as buying opportunities. If the US dollar continues to exhibit a weak global outlook, then there may be a record attempt towards the historical peak of $2,070. From a technical perspective, the peak point of $2,070 represents the first resistance level. If this level is broken upwards, then the $2,100 level will come into play. Possible pullbacks can be monitored at the key support levels of $2,000 and $1,960.