GOLD
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.
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