Gold slides below $4,600 as profit-taking grows, Fed cut doubts rise

💡 DMK Insight

Gold’s recent drop of over 0.70% signals a shift in trader sentiment amid stronger-than-expected US labor data. Profit-taking is common after a rally, but this decline could indicate a broader trend if the labor market continues to show resilience. Traders should keep an eye on the upcoming economic indicators, particularly the next Non-Farm Payrolls report, as it could further influence gold’s trajectory. If the labor market remains robust, we might see gold testing key support levels around $1,900. Conversely, a weaker report could trigger a rebound. Watch how institutional players react; their positioning could provide clues on future movements. The real story here is whether this profit-taking is a temporary blip or the start of a more significant correction in gold prices.