Today’s Gold Analysis Overview:
- The Overall Gold Trend: Upward.
- Today's Gold Support Levels: $3310 – $3270 – $3220 per ounce.
- Today's Gold Resistance Levels: $3380 – $3430 – $3500 per ounce.
Today's gold trading signals update:
- Sell Gold from the $3400 resistance level with a target of $3250 and a stop-loss of $3470.
- Buy Gold from the $3260 support level with a target of $3400 and a stop-loss of $3220.
Technical Analysis of Gold Price (XAU/USD) Today:
Due to the US holiday and the lack of sufficient liquidity to support price movements, the gold price index stabilized at the beginning of the week's trading in a narrow range between $3,324 and $3,357 per ounce, maintaining its recent gains despite Trump's extension of the deadline for US tariffs on goods from the European Union. Spot gold prices are currently trading around $3,342 per ounce. Meanwhile, Trump announced on Sunday that he would postpone the imposition of 50% tariffs on European Union goods until July 9, improving market sentiment and reducing safe-haven demand.
Nevertheless, the yellow metal remains up over 3% for the week. This comes after it gained ground when Trump stated on Friday that talks with the EU were "making no progress" and unexpectedly threatened additional tariffs on goods.
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Trading Tips:
Dear TradersUp follower, I still advise monitoring the factors influencing the gold market, keeping in mind that buying on every dip is the best approach, but do not take excessive risks.
The European Union is the United States' largest trading partner as a bloc, and escalating tensions could easily lead to a widespread sell-off in high-risk assets.
Regarding gold price forecasts for the coming days, Citi analysts have raised their gold price target to $3,500 per ounce over the next three months, up from $3,200, given President Trump's recent escalation of US tariffs towards the European Union. In general, the world is still adjusting to US trade policies, and geopolitical risks remain high. This, coupled with strong demand from global central banks and institutional investors, is expected to push investment demand for gold beyond current supply. According to gold analysts' expectations, uncertainty surrounding US tariffs and the rush to safe-haven assets amid increasing market volatility have supported the recent surge in gold prices.
Based on the movement of technical indicators applied to the gold market, the 14-day Relative Strength Index (RSI) is stable above the midline, which supports the bulls' strong control. It still has more time and room for a stronger upward breakout before reaching overbought territory. At the same time, the MACD indicator for a 12.26 close is turning upward, indicating preparation for gaining more upward peaks as long as global trade and political tensions persist. While the immediate threat of a global trade war has receded, uncertainty continues to negatively impact investor sentiment, which is expected to keep supporting the gold bullion market. Furthermore, broader technical and fundamental indicators suggest rising gold prices.
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