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Gold Awaits Key Data to Determine Its Next Direction

Technical Analysis
By Shady Fouad
Gold Awaits Key Data to Determine Its Next Direction
0 2

GOLD

الذهب 6-1-2025

Gold is trading below the resistance zone of $2660, with prices likely to decline and retest the support zone of $2615. This scenario is invalidated if the mentioned resistance zone is breached to the upside in today’s trading.

Support

 2615 2585 2540
Resistance 2660 2685

2710

Gold prices witnessed a significant decline today, dropping below the $2,630 per ounce level. This drop is attributed to the strength of the US dollar and the rise in Treasury yields, which reduced gold’s appeal as a safe haven for investors.

However, geopolitical tensions and global economic concerns may provide support for gold in the long term, making it essential to monitor economic and political developments that could impact future price movements.

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Shady Fouad

Shady Fouad is a technical analyst at LDN Company
Shady's strategic vision in the currency markets is reinforced by more than fifteen years of trading experience, which enables him to blend economic and technical analyzes with high efficiency, and find the best investment ideas for traders.

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