Today’s Gold Analysis Overview:
- The overall Gold Trend: Bullish.
- Today's Gold Support Points: $3318 – $3290 – $3220 per ounce.
- Today's Gold Resistance Points: $3348 – $3360 – $3400 per ounce.
Today's gold trading signals update:
- Sell Gold: From the resistance level of $3365, target $3300, stop loss $3480.
- Buy Gold: From the support level of $3284, target $3370, stop loss $3250.
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Technical Analysis of Gold Price (XAU/USD) Today:
During last Friday's trading session, immediate gold prices attempted to recover Thursday's losses, as the gold price indicator moved down towards the $3311 per ounce support level. However, last Friday's gains did not exceed the $3345 per ounce level, and gold prices closed the week stable around $3330 per ounce. According to performance across gold trading companies' platforms, the gold price rose towards achieving weekly gains, as concerns about the U.S. fiscal deficit and continued uncertainty regarding tariffs boosted the yellow metal's appeal as a safe haven.
Last Thursday, the U.S. House of Representatives approved President Donald Trump's massive package of tax cuts and spending, which is expected to add over $3 trillion to the country's deficit over the next decade. Meanwhile, Trump stated that he would begin sending letters to countries on Friday outlining the tariff rates they would face on imports into the United States, a clear shift from his previous pledges to negotiate individual deals.
However, strong U.S. labor market data limited the rise in gold prices, showing that U.S. companies added a total of 147,000 jobs in June, exceeding expectations, and the country's unemployment rate unexpectedly fell to 4.1%, strengthening the Federal Reserve's position to keep interest rates stable.
Trading Tips:
Dear follower of TradersUp, I still advise adopting a strategy of buying gold on every price decline, but do not take risks, no matter how strong the trading opportunities are. Always remember that gold is one of the most important safe havens in times of uncertainty.
Will Gold Prices Fall in the Coming Days?
According to performance across reliable trading companies' platforms and through the exclusive free trading bonus, the gold price is on track to achieve gains exceeding 1%, ending two consecutive weeks of losses. The gold price settled midday Friday amidst light electronic trading, with U.S. markets closed for Independence Day. Overall, the price of the yellow metal has remained in a price range since closing at a record high of $3,452.80 per ounce on June 13.
The gold price gained some support from the depreciating dollar, as the U.S. Dollar Index touched its lowest level since early 2022 last week with the slowdown in the U.S. economy, while the Federal Reserve is expected to make further cuts to U.S. interest rates this year. On another market-influencing front, U.S. President Donald Trump is expected to sign the "big, beautiful bill" at a ceremony on Friday after both the Senate and House approved it last week. The bill provides tax cuts for high earners, reduces social programs, and adds over $3 trillion to the national debt.
Overall, U.S. debt concerns, the depreciation of the U.S. dollar, and tariffs are "developments that may eventually drive a shift in Federal Reserve policy, perhaps stronger than expected." Added to this is the risk of rising inflation and central banks expanding their gold purchases for the fourth consecutive year; we believe the path to reaching $4000 within the next twelve months is on track.
The movement of technical indicators, led by the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), remains in a neutral position with an upward bias, as is clear from the performance on the daily timeframe chart. Global trade and political tensions, the weakness of the U.S. dollar, and central bank purchases of gold bars will remain among the most important factors supporting gold gains in the coming days.
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