Gold Struggles to Break Out of Consolidation Range Amid Dollar Strength

Gold prices are currently within a critical consolidation range, weighing on its potential for further upside.

The metal failed to extend gains after briefly breaking above $4,100 and is now facing renewed downward pressure due to a rebound in the U.S. dollar, which regained some buying support.

The Bureau of Economic Analysis reported that U.S. real GDP grew at an annualized rate of 1.5% in the second quarter, down from 2.1% in the previous quarter and below market expectations.

This slowdown in economic momentum has contributed to a weaker dollar overnight, providing support for gold's rebound.