GOLD
Gold is trading below the resistance zone of $3,380, and prices are likely to decline and retest the minor support level at $3,340. This scenario would be invalidated if the previously mentioned resistance zone is broken to the upside.
|
Support |
3340 | 3340 | 3225 |
| Resistance | 3380 | 3440 |
3500 |
Gold prices declined to around $3,365 per ounce in today’s session, down from levels near $3,375 reached yesterday. The drop followed statements from the U.S. Federal Reserve confirming its commitment to a gradual pace of interest rate cuts, which weighed on demand for gold as a safe-haven asset.
From a technical perspective, the price is undergoing a corrective pullback within a broader long-term uptrend. A break below the support zone around $3,376–$3,368 could open the door for further downside. Nevertheless, gold remains in a medium term bullish trend, trading within ascending technical channels supported by key levels, which may support a rebound if the current support holds.
You can now benefit from LDN company’s services through the LDN Global Markets trading platform.
