GOLD
Gold is trading above the support level of $3290. Prices are likely to retest the minor resistance level at $3350. This scenario would be invalidated if the aforementioned support level is broken to the downside.
|
Support |
3290 | 3240 | |
| Resistance | 3350 | 3400 |
3450 |
Gold prices saw a slight decline during today’s trading session, with the ounce falling to around $3,312, nearing its lowest level in the past three weeks. Technical indicators show a weakening in bullish momentum.
On the financial front, this drop came amid a relative improvement in global risk appetite following a trade agreement between the United States and the European Union, which supported the U.S. dollar and weakened demand for gold as a safe haven. Additionally, markets are cautiously awaiting the upcoming U.S. Federal Reserve meeting this week, especially with ongoing uncertainty surrounding future monetary policy direction. Nevertheless, the long-term outlook for gold remains relatively positive, particularly with continued central bank purchases of the precious metal and ongoing geopolitical risks that may revive demand.
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