The US inflation and potential recession concern has been a significant driver for gold prices recently. With the US inflation data on the horizon, traders are speculating on its potential impact on the Federal Reserve’s monetary policy decisions. A more hawkish stance could strengthen the US dollar, exerting downward pressure on gold. As gold is often seen as a hedge against economic instability, any escalation in global conflicts could see an influx of investors turning to the yellow metal.

From a technical standpoint, gold is approaching a pivotal support level at 1929.00. A breach below could signal further declines, targeting the 1913.15 mark. However, overcoming the 1945.20 resistance might pave the way for a bullish resurgence.