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Gold shines again amid escalating tensions between the US and China

Technical Analysis
By Mostafa Mahmoud
0 7

GOLD

ذهب 2-6-2025

Gold is trading below the resistance level of $3365, and prices are likely to move sideways within a range between the support level of $3250 and the aforementioned resistance level.

Support

 3250 3120 –
Resistance 3365 3440

3500

Gold prices witnessed a significant rise, with August gold futures climbing by $37.40 to reach $3,352.80 per ounce, while spot prices rose to $3,334.11 per ounce. This upward movement is attributed to escalating geopolitical tensions, particularly following U.S. President Donald Trump’s announcement of doubling tariffs on steel and aluminum imports, which sparked fears of a new trade war. Additionally, a 0.26% decline in the U.S. dollar index contributed to increased demand for gold as a safe haven.

Based on these developments, investors are advised to closely monitor geopolitical and economic conditions. Continued tensions may drive gold prices higher, while any easing of tensions or improvement in economic indicators could reduce demand for the precious metal.

You can now benefit from LDN company’s services through the LDN Global Markets trading platform.

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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