GOLD
Gold is trading below the resistance zone of $3350, and prices are likely to decline and retest the support zone at $3290. This scenario would be invalidated if the aforementioned resistance zone is broken to the upside.
|
Support |
3290 | 3240 | 3175 |
| Resistance | 3350 | 3400 |
3450 |
Gold prices declined during trading on July 17, dropping to levels near $3,340 per ounce, pressured by a strengthening U.S. dollar which reduced the appeal of the precious metal. This decline also followed statements from the U.S. President that eased concerns about the potential dismissal of the Federal Reserve Chairman calming political tensions that had previously supported gold’s upward movement. These factors pushed prices toward testing key technical support levels around $3,290, as markets await any developments that could influence investor sentiment.
From a technical perspective, gold continues to trade within a sideways range in the short term, between $3,350 and $3,290. Despite this temporary pullback, the medium- to long-term uptrend remains intact, supported by ongoing inflation concerns and geopolitical risks. These factors position gold to potentially rebound toward the $3,400–$3,450 range once the dollar stabilizes or economic tensions reemerge.
You can now benefit from LDN company’s services through the LDN Global Markets trading platform.
