"Gold Hits Record High, but Will the Rally Continue?"

Gold futures hit a new record high of $2152.30 within the first hour of trading this week, but quickly erased all gains and fell below Friday's closing price. The rapid price fluctuations, resulting in a retracement of over $100 per ounce, were perplexing as there were no major fundamental events or changes. The decline in gold futures can be attributed to dollar strength, with the most active February 2024 contract currently fixed at $2037.60. Major support is seen at the former level of major resistance of $2000 per ounce.