Today’s Gold Analysis Overview:
- The overall Gold Trend: Bullish.
- Today's Gold Support Levels: $3340 – $3300 – $3260 per ounce.
- Today's Gold Resistance Levels: $3410 – $3465 – $3530 per ounce.
Today's gold trading signals update:
- Sell Gold from the resistance level of $3420 with a target of $3340 and a stop-loss at $3480.
- Buy Gold from the support level of $3300 with a target of $3500 and a stop-loss at $3260.
Technical Analysis of Gold Price (XAU/USD) Today:
Despite the US dollar's strength reacting to the Federal Reserve's updated policy announcement, the gold price index's overall trajectory remains bullish. According to gold trading platforms, gold prices are stabilizing around $3370 per ounce, giving up some of yesterday's trading gains around the $3400 per ounce resistance. Technically, the daily timeframe chart still confirms the strength of the bullish trend. However, a look at the 14-day RSI (Relative Strength Index), currently stable around 54 at the time of writing (closer to the 50 line), could technically support bears in moving towards new bearish technical levels. At the same time, the MACD (Moving Average Convergence Divergence) indicator lines are in a neutral position.
Trading Tips:
We still advise buying gold bullion on every dip, but without taking risks, no matter how strong the trading opportunities.
As we mentioned before, and according to gold analysts' forecasts, the overall trend for gold will remain bullish as long as prices are stable above the $3300 per ounce resistance. A primary break of the trend will not occur without bears pushing gold prices back to the support levels of $3310, $3270, and $3220 per ounce, respectively. There will be a US holiday today, and consequently, the gold bullion market will move in response to escalating global trade and geopolitical tensions, central bank gold bullion purchases, and the level of the US dollar.
Reasons for Gold's Recent Stalled Gains:
According to performance across reliable trading platforms, the gold price index's gains have stalled as investors evaluated the Federal Reserve's recent monetary policy decision and the escalating geopolitical tensions in the Middle East. The Federal Reserve kept its key US interest rate steady at 4.25%-4.5% and indicated a potential for two cuts later in 2025, despite persistent inflation and slowing economic growth. This move came amidst continuous criticism from President Trump towards Federal Reserve Chair Powell, with calls for more aggressive interest rate cuts.
Overall, gold maintained its safe-haven appeal as Iran's Supreme Leader rejected Trump's call for unconditional surrender, leading to mass evacuations from Tehran amid intensified Israeli airstrikes. Meanwhile, the escalating conflict has increased global market anxiety.
Although gold briefly approached a record high earlier in the week, it has retreated slightly since then. Meanwhile, a survey by the World Gold Council revealed that 95% of central banks expect global gold reserves to rise over the next year, with a record 43% planning to increase their own holdings.
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