Today’s Gold Analysis Overview:
- The overall Gold Trend: Upward
- Today's Gold Support Points: $3,320 – $3,280 – $3,240 per ounce.
- Today's Gold Resistance Points: $3,380 – $3,420 – $3,480 per ounce.
Today's gold trading signals update:
- Sell gold from the resistance level of $3400 with a target of $3200 and a stop-loss at $3440.
- Buy gold from the support level of $3280 with a target of $3400 and a stop-loss at $3220.
Technical Analysis of Gold Price (XAU/USD) Today:
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Since the beginning of this week's trading, according to gold trading company platforms, the Gold/US Dollar price XAU/USD is in a bullish shift, rising to its highest level in a week with gains extending to the resistance level of $3387 per ounce before the gold price index stabilized around the $3362 per ounce level at the time of writing this analysis. Gold prices are recovering from last week's losses, which extended to the support level of $3202 per ounce. The gold market gains have returned, fuelled by US President Donald Trump's new threat, which boosted demand for safe-haven assets, most notably gold bullion. Trump opened a new front in his trade war on Sunday, saying that films produced outside the United States would face a 100% tariff.
Yesterday, he said he plans to unveil pharmaceutical tariffs over the next two weeks. Meanwhile, investors are now awaiting the US Federal Reserve's policy decision and speeches from several US central bank officials throughout this week. In general, the US Federal Reserve is expected to maintain interest rates unchanged, despite continued pressure from President Trump and Federal Reserve Chairman Jerome Powell urging lower interest rates.
Trading Tips:
We still prefer to buy gold from every downtrend, but without risk, regardless of the strength of the trading opportunities.
According to the technical indicators, on the daily chart, the 14-day Relative Strength Index (RSI) has resumed its upward movement after the recent rebound to the upside. At the same time, the blue MACD line at 12.26 has begun to turn higher, breaking the orange line to confirm the upward shift. This trend may give bulls the technical strength to prepare for significant upward breakouts, the closest of which is the $3,400 per ounce peak.
The recent performance of gold prices, according to gold analysts' expectations, confirms the strength of our view to buy gold from every downward level. Global trade and geopolitical tensions and central banks' purchases of gold may remain the most prominent factors supporting the strength of the gold market in the coming days. Gold market gains ignored the strength of the US dollar amid speculation that the currency's valuation may be part of a broader effort to facilitate trade negotiations, with the American investor's attention now on the Federal Reserve's monetary policy decision.
Although the US Federal Reserve is expected to keep rates unchanged, financial markets will closely scrutinize the statements of US central bank governor Jerome Powell for any signals regarding future policy shifts, especially against the backdrop of intensified tariff tensions and political pressure from President Trump for lower rates.
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