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Gold hits record weekly high

Technical Analysis
By Mostafa Mahmoud
Gold hits record weekly high
0 3

Gold

الذهب 5-8-2025

Gold is trading below the resistance level of $3400, and this area is likely to limit the upward momentum during today’s trading.

Support

 3350 3290 3240
Resistance 3400 3450

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Gold prices saw a notable increase during today’s trading session, with the metal posting strong gains supported by growing bets on an imminent interest rate cut by the U.S. Federal Reserve. This came after weaker-than-expected employment data was released. The decline in U.S. labor market indicators prompted investors to reprice the likelihood of a Fed rate cut in the September meeting, which immediately impacted the performance of the dollar and bond yields, thereby boosting gold’s appeal as a hedge.

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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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