Today’s Gold Analysis Overview:
- The overall Gold Trend: Leaning towards a relative bearish correction.
- Today's Gold Support Levels: $3270 – $3230 – $3160 per ounce.
- Today's Gold Resistance Levels: $3330 – $3370 – $3410 per ounce.
Today's gold trading signals update:
- Sell Gold from the $3340 resistance level with a target of $3250 and a stop-loss of $3380.
- Buy Gold from the $3220 support level with a target of $3340 and a stop-loss of $3200.
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Technical Analysis of Gold Price (XAU/USD) Today:
During yesterday's trading session, gold futures fell sharply as US investors returned from the long Memorial Day weekend. The gold price index is recovering from its weekly gains and showing a notable rise, but XAU/USD prices are struggling to maintain the $3300 per ounce resistance level, settling around $3320 per ounce at the time of writing. The US dollar reacted positively after the Federal Reserve's latest meeting minutes were released, which impacted gold. According to gold trading platforms, gold futures have fallen, and the gold price index closed lower in three out of the past four sessions. The previous month's contract closed down 0.2% at $3,293.60 per ounce, indicating a gradual downtrend.
According to gold analysts, the gold bullion market currently lacks a clear direction, primarily due to conflicting macroeconomic indicators and investor hesitation. Overall, markets remain uncertain about the repercussions of President Trump's tariff plans, even if tensions continue to ease. Therefore, gold prices are expected to rise if an unexpected event occurs. Gold prices today began trading stable around the $3290 per ounce support level.
Based on technical indicator movements, renewed gold selling has pushed the 14-day Relative Strength Index (RSI) closer to the midline, supporting bears in preparing for stronger losses. At the same time, the MACD indicator lines for a 12.26 close are also trending downwards. A true shift in gold's direction to bearish will not occur without a move towards the $3220 and $3165 per ounce support levels, respectively. Currently, it's worth noting that bullish gold prices may be a target for selling until markets stabilize from the repercussions of Trump's policies.
Will Gold Prices Rise in the Coming Days?
The gold bullion market has remained cautious as investors await the Federal Reserve's meeting minutes and upcoming US inflation data for clues on US interest rates. Despite signs of improving economic sentiment and progress in trade talks, markets have remained wary. The core inflation index, which is the core Personal Consumption Expenditures (PCE) index, is scheduled for release on Friday.
Trading Tips:
We still recommend buying gold on every dip, while monitoring market influencing factors and not taking risks, regardless of the strength of trading opportunities.
For their part, Federal Reserve officials, including New York Fed President John Williams, have stressed the need for decisive action if inflation deviates from target. The Federal Reserve has kept US interest rates at 4.25%-4.50% since December, striking a balance between curbing inflation and ongoing market uncertainty, partly attributed to President Trump's unpredictable trade stance.
Overall, gold prices remain up over 25% this year, supported by safe-haven demand amid concerns about the US deficit, global trade tensions, and geopolitical risks in Ukraine and the Middle East.
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