Gold remains in a narrow consolidation near its all-time highs, with the market awaiting new drivers for its next movement. The lack of bearish news continues to support upward price action.

Real yields are trending downwards, sustaining positive conditions for gold. A substantial growth scenario or a shift to a hawkish stance by the Federal Reserve may prompt corrections.

Recent long-term inflation expectations from the Consumer Sentiment survey have reached a 30-year high, potentially complicating the Fed’s position. Upcoming Non-Farm Payroll and Consumer Price Index reports will be critical for market direction.

Current charts reveal gold’s consolidation near record highs. Buyers may find attractive risk-to-reward scenarios around the 2790 level, while sellers are eyeing a drop below this point to reach the 2600 level.

On the four-hour chart, a defining upward trendline suggests ongoing bullish momentum. Pullbacks may encourage buyers to position for a rally, whereas sellers will anticipate a breach lower to extend their bearish positions.

The one-hour chart illustrates a tight range around recent highs. Buyers are expected to maintain momentum above the 2920 support level, while sellers will seek a break below to facilitate a deeper pullback.

Key reports are forthcoming, including the US Consumer Confidence data, Jobless Claims figures, and PCE statistics, which may further influence market dynamics.

Gold remains in a holding pattern near record levels, with traders awaiting fresh catalysts. The absence of strong downside factors continues to give buyers the upper hand, keeping prices elevated. Unless something shifts in the macroeconomic outlook, near-term movements will likely hinge on technical factors and upcoming economic data.

Declining real yields have reinforced gold’s appeal. With inflation-adjusted returns moving lower, non-yielding assets remain attractive. However, if the Federal Reserve signals a stronger response to inflationary risks, or if economic growth shifts meaningfully, this could pressure gold. Market participants will be closely monitoring how policymakers navigate recent inflation expectations, which have climbed to levels not seen in three decades.

Attention now turns to key employment and inflation figures. The Non-Farm Payroll data will offer insight into labour market conditions, while the latest Consumer Price Index report will help assess inflation pressures. If strong employment data suggests continued economic resilience, or inflation readings exceed estimates, expectations around future Fed moves may adjust. Any increased probability of rate hikes or extended policy tightening could weigh on gold. Conversely, weaker numbers may sustain the current bullish environment.

From a technical standpoint, charts indicate a period of high-level consolidation. The 2790 region continues to act as an initial level where buyers are willing to step in, while sellers are closely watching for a breakdown below this zone to open the path towards 2600.

Shorter timeframes reinforce this view. The four-hour chart maintains an upward trajectory, with pullbacks attracting buying interest. If the structure remains intact, further upside remains on the table. However, if a decisive break lower occurs, sellers could strengthen their position and press prices downward.

Closer analysis of the one-hour timeframe highlights tight price action near recent peaks. For now, buyers are defending the 2920 level, but should this floor give way, further declines could develop. On the other hand, as long as this support holds, upward momentum remains controlled by buying pressure.

Several economic releases are lined up and have the potential to shift the current dynamic. Consumer Confidence readings, labour market indicators, and PCE inflation data will all contribute to shaping expectations in the sessions ahead. If these reports push rate expectations one way or the other, gold’s consolidation may give way to clearer directional movement.