Today, the price of gold is attempting to set a new record as it tests its historical peak.

Anticipated interest rate cuts by major central banks and geopolitical risks due to ongoing conflicts in the Middle East are key factors driving investments toward gold, a non-yielding asset. Market confidence that the Federal Reserve will continue to implement moderate interest rate cuts is keeping the yield on 10-year U.S. Treasury bonds above 4%. This supports the U.S. dollar, pushing it to its highest level since early August and discouraging bulls from taking new positions in the gold market.

From a technical perspective, the ongoing positive movement could push the price of the precious metal up to the $2,700 level. Additional buying could trigger a further rally for the bulls, extending the upward trend seen over recent months. This outlook is supported by oscillators on the daily chart, which are in positive territory and remain far from the overbought zone.

On the other hand, the horizontal zone at $2,662 serves as immediate support before the $2,646 level. A convincing break below this level could trigger technical selling, pulling the price toward intermediate support at $2,630 on its way to the $2,600 level.

For short-term trading opportunities today, attention should be given to U.S. macroeconomic data.