Today’s Gold Analysis Overview:
- The overall Trend for Gold: Bullish
- Today's Gold Support Levels: $3310 – $3255 – $3160 per ounce
- Today's Gold Resistance Levels: $3355 – $3380 – $3420 per ounce
Today's gold trading signals update:
- Sell Gold from the resistance level of $3370 with a target of $3280 and a stop-loss at $3400.
- Buy Gold from the support level of $3248 with a target of $3360 and a stop-loss at $3220.
Technical Analysis of Gold Price (XAU/USD) Today:
A cautious bullish stability has dominated the " rel="nofollow">gold market since the start of the US inflation week and further trade talks between global economies. The rebound gains in gold prices this week culminated in testing the resistance level of $3350 per ounce. Gold prices then settled around the $3320 per ounce level at the time of writing, ahead of today's US inflation reading (Wednesday, 3:30 PM Egypt time), which will in turn influence market expectations for the future policies of the US Federal Reserve.
Trading Tips:
I still advise and recommend buying gold from every low level, while continuously monitoring market influencing factors and avoiding risk, no matter how strong the trading opportunities.
On another note, impacting the gold market, investors are awaiting further developments in the ongoing trade discussions between the United States and China. High-level trade talks between the US and Chinese officials began in London and are set to continue, as both sides sought to bolster a fragile truce in a dispute that has expanded from tariffs to restrictions on rare earth elements.
US Treasury Secretary Scott Bessent described Monday's talks as a "good meeting," while Commerce Secretary Howard Lutnick described them as "fruitful," bolstering hopes for progress in improving relations between the world's two largest economies. Investors are also looking to US inflation data, due later this week, for insights into the monetary policy path of the US Federal Reserve. Meanwhile, a survey released by the New York Federal Reserve showed that Americans' concerns about future inflation declined in May, while their confidence in their personal finances improved.
Gold Market Technical Signals:
The bullish momentum in the gold market remains strong. As previously mentioned, and according to gold analysts' expectations, the $3300 per ounce resistance will remain a strong support for bulls to prepare for stronger gains. The current performance shows the 14-day RSI (Relative Strength Index) indicator is stable above the 50 reading, which supports the upward movement, and there is still more time to achieve gains before the indicator reaches overbought levels. At the same time, the MACD (Moving Average Convergence Divergence) indicator is in a neutral position with a prominent bullish bias. Based on the current performance, the resistance levels of $3360, $3400, and $3455 per ounce could be the next important targets for gold's trajectory. Conversely, over the same timeframe, the support levels of $3225 and $3165 per ounce will remain crucial for bears to confirm control of the trend.
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