Meanwhile, ongoing concerns about escalating geopolitical tensions in the Middle East also supported demand for the safety of gold. Elsewhere, higher gold prices prompted the People’s Bank of China to hold off on buying gold for a third month in July after ending an 18-month buying spree in May.On the stock exchanges front, US stocks rose for a second straight day. According to trading, US stocks rose for a second straight day on Wednesday, with the S&P 500 rising 1.2%, the Nasdaq adding 1.8% and the Dow Jones Industrial Average rising about 220 points, after Monday’s worst selloff in two years. Traders continue to digest the economic and monetary outlook, while refocusing on earnings reports. Meanwhile, the Bank of Japan offered investors some confidence after Deputy Governor Shinichi Uchida said the central bank will refrain from raising interest rates when markets are unstable. The technology sector was the best performing sector, followed by energy and financials, while healthcare was in the red. On the institutional front, Disney shares fell about 3.4% after the company swung to a profit of $2.62 billion, but operating income at its theme parks unit fell. Amgen shares also lost about 2.7% after its earnings missed expectations, and Super Micro Computer fell about 14% after its earnings missed expectations.Influencing the gold market, the US Dollar Index (DXY) rose to about 103.2, continuing its gains from the previous session as traders backed off bets on an emergency rate cut from the Federal Reserve. Earlier this week, the index had dropped to its lowest level in nearly seven months after a weak US jobs report on Friday raised concerns about a US recession, sparking speculation that the Federal Reserve might take emergency steps to cut borrowing costs.However, analysts suggested that the recent global selloff may be an overreaction, with Goldman Sachs CEO David Solomon telling Bloomberg that he doesn’t expect the Fed to take any action before September. Meanwhile, financial markets are still betting on a larger 50 basis point cut by the Fed in September and more than 100 basis points of overall easing this year.According to electronic trading, the US dollar strengthened against the yen and the euro. Although, it lost some ground against the kiwi and the Australian dollar.Another factor impacting the gold market, the yield on the US 10-year Treasury note rose to about 3.9% on Wednesday, after climbing from its lowest level in over a year at 3.67% touched earlier Additionally, this week as traders pulled back from bets on an emergency rate cut from the Federal Reserve. The weak US jobs report on Friday had stoked fears of an economic recession in the US, leading to speculation that the Federal Reserve might take emergency steps to reduce borrowing costs. However, analysts suggested that the recent global sell-off might be an overreaction.
 Gold Price Forecast and Analysis Today:The general trend for gold prices will remain up and the psychological resistance of $2,400 per ounce will remain important for bulls to control and I still prefer to buy gold from every downward level. Currently, the closest support levels for gold are $2369, $2345 and $2330 per ounce respectively. As we mentioned before, global geopolitical tensions and the global central banks’ reluctance to tighten will remain important and supportive factors for the gold market.More By This Author:GBP/USD Analysis: Selling Pressures ContinueEUR/USD Analysis: Short-Lived GainsGold Analysis: Expected Record Levels