Pepperstone: It is crucial for spot gold to hold the $5,000 level

(1) Pepperstone research strategist Dilin Wu stated that maintaining spot gold prices above $5,000 per ounce may be crucial for its near-term price trajectory. If the $5,000 level is clearly breached, gold prices could further drop to the support zone of $4,850-$4,900 per ounce.(2) The strategist pointed out that if gold prices stabilize, the next resistance levels to watch will be $5,100 and $5,250. A strong US dollar and leveraged long liquidations may put pressure on gold, while institutional and central bank buying provide support.(3) He added that escalating geopolitical tensions or a hawkish stance by the Federal Reserve could trigger greater volatility. Spot gold is currently up 0.3% to $5,032.24 per ounce.