**Gold Dips Below $2,960 as Dollar Strengthens - Temporary Pullback or Start of Larger Correction?**
Spot gold prices fell below $2,960/oz in early trading today, marking a 1.2% decline from yesterday's close as the US dollar index climbed to 3-week highs.
**Key Drivers Behind the Move:**
• Stronger-than-expected US retail sales data
• Rising Treasury yields (10-year at 4.25%)
• Profit-taking after recent rally to $3,025 highs
**Market Outlook:**
Analysts see support at $2,940-50 zone
"Gold's fundamentals remain strong - we view this as healthy consolidation before next leg higher," says James Steel, HSBC metals strategist
**Trading Volume:**
COMEX futures volume 18% above 30-day average
*Next Watch:* Fed speakers today for rate cut clues .
