GOLD
Gold is trading around the support level of $3300, and prices are likely to rise and target the resistance level of $3360. This scenario would be invalidated if the aforementioned support level is broken to the downside.
|
Support |
3300 | 3250 | 3190 |
| Resistance | 3360 | 3400 |
3445 |
In today’s trading session, gold saw a notable decline of around 0.7%, settling near the $3,311 per ounce level, pressured by the extension of trade tariffs and rising risk appetite in global markets. This drop comes as part of a natural corrective movement following strong gains in recent months, with the yellow metal having peaked above $3,500 in April. The fading expectations of near-term U.S. interest rate cuts have also reduced gold’s appeal as a safe-haven asset, especially amid cautious optimism surrounding global trade.
Despite the current decline, the long-term outlook for gold remains positive, driven by geopolitical uncertainty and persistent inflationary pressures. However, the continuation of sideways movement or further downside will largely depend on upcoming developments in U.S. monetary policy and the performance of the U.S. dollar in the near future.
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