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A new historic summit for gold

Technical Analysis
By Mostafa Mahmoud
A new historic summit for gold
0 17

GOLD

 

Gold is trading below the peak of $2830, and prices are likely to target the support level of $2790. This scenario would be invalidated if the aforementioned peak is breached to the upside in today’s trading.

Support

 2790 2745 2720
Resistance 2830 –

–

Gold prices stabilized near their record levels from the previous session. Spot gold rose by 0.3% to reach $2,820.94 per ounce, after hitting a high of $2,830.49 on Monday. Meanwhile, U.S. gold futures fell by 0.2% to settle at $2,851.40.

This strong performance of gold is attributed to ongoing concerns about U.S. tariffs on China, in addition to growing inflation fears. Although tariffs on Mexico and Canada have been suspended for 30 days, the duties imposed on Chinese goods remain in place, boosting demand for gold as a safe-haven asset.

Overall, gold is expected to remain supported amid ongoing trade tensions and inflation concerns, with investors closely monitoring upcoming economic data, particularly the highly anticipated U.S. jobs report later this week.

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Mostafa Mahmoud

Mostafa Mahmoud Technical Analyst at LDN Mostafa has half a decade of experience in the field of financial markets between technical analysis and financial portfolio management, which extends to more than one financial market between stocks, commodities, currencies and the debt markets.

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