Gold Market Faces Downward Pressure Amid Dollar Strength

The gold market is currently facing downward pressure due to the strength of the US dollar and rising US Treasury yields, triggered by the recent 'Trump Trade'. Gold recently hit an all-time high of $2,790 but is now flirting with the critical support level of $2,600. Analysts suggest that the bullish sentiment in the gold market may be challenged as the US dollar gains dominance, making it a focus over other currencies. Attention is also on upcoming Consumer Price Index (CPI) data, which could lead to significant market volatility. Despite the current challenges, some analysts remain optimistic about gold's long-term potential, suggesting that pullbacks may be temporary. Overall, market conditions indicate a cautious atmosphere as investors await further economic indicators.