Today’s Gold Analysis Overview:
- The overall Gold Trend: Bullish.
- Today's Gold Support Points: $3318 – $3290 – $3230 per ounce.
- Today's Gold Resistance Points: $3365 – $3390 – $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 of $3400.
- Buy gold from the support level of $3290 with a target of $3370 and a stop loss of $3250.
Technical Analysis of Gold Price (XAU/USD) Today:
The more announcements there are about a US trade agreement with other global economies, the less positive momentum there is for buying gold bars as a safe haven. According to performance across gold trading platforms, instantaneous gold prices fell at the start of this week's trading, with losses to $3296 an ounce, the lowest price in a week, relinquishing last week's gains that extended to the resistance level of $3365 an ounce. The gold price indicator is stabilizing around the $3335 an ounce level at the time of writing this analysis.
Top Forex Brokers
Why did gold prices decline?
According to the insights and forecasts of gold analysts, demand for the safe haven – gold – declined after the United States indicated progress in several trade deals and announced an extension of the tariff exemption period for some countries. The US is reportedly close to finalizing multiple trade agreements and will notify other countries of higher tariff rates by July 9, with the new rates set to take effect on August 1. This gives the most affected countries a three-week window to continue discussions.
Adding to the bearish tone for gold prices, strong US jobs data last week tempered expectations of a US interest rate cut by the Federal Reserve in July. Inflation concerns related to tariffs have reduced bets on Federal Reserve policy easing, with financial markets now expecting only two quarter-point rate cuts by year-end.
On the geopolitical front, the first round of indirect ceasefire talks between Hamas and Israel in Qatar ended without progress, as the Israeli delegation lacked the mandate to reach an agreement.
Trading Tips:
We still recommend buying gold with every price dip, but do not risk, no matter how strong the trading opportunities.
Rising US Treasury yields
Factors influencing gold's trajectory include the US dollar price and US Treasury yields. According to trading on trusted trading platforms, the yield on the ten-year US Treasury bond rose to 4.39% on Monday, marking its highest level in two weeks, as investors returned from a long weekend to assess the latest trade developments. US President Trump announced that the US would unveil new trade deals and send formal notifications to countries that have not signed agreements, clarifying their new tariff levels.
He also confirmed that reciprocal tariffs would come into effect on August 1, allowing a three-week grace period for further negotiations, as the current 90-day truce ends on Wednesday, July 9. Additionally, Trump warned that any country supporting the "anti-American policies" of the BRICS group would face an additional 10% tariff on their exports to the United States. Meanwhile, on July 4, President Trump signed into law the so-called "big and beautiful bill" – which is expected to add over $3 trillion to the federal budget deficit over the next decade.
Will gold prices rise in the coming days?
Despite recent sell-offs, the overall trend for gold prices remains bullish, and as I mentioned before, the $3300 an ounce resistance will continue to give the bulls more strength to control gold's direction. Gold can be traded with a free and exclusive no-deposit bonus. With gold price stabilizing around the $3335 resistance now, the 14-day RSI (Relative Strength Index) is above the midline, and at the same time, the MACD indicator lines are in a neutral position with an upward bias. The psychological resistance of $3400 an ounce will remain important for the bulls in further controlling gold's direction.
On the downside, there will be no strong break of gold's bullish trend without the bears bringing the gold price indicator back to the vicinity of the $3250 an ounce support level again. Furthermore, the last attempt at such a break was at the end of June trading. Overall, gold prices declined at the start of the week's trading, coinciding with a rise in the US dollar price despite confusion regarding the timing of US tariff threats.
Ready to trade our Gold forecast? We’ve shortlisted the most trusted Gold brokers in the industry for you.