Today’s Gold Analysis Overview:
- The overall Trend for Gold: Upward (Bullish)
- Today's Gold Support Levels: $3320 – $3285 – $3200 per ounce
- Today's Gold Resistance Levels: $3375 – $3420 – $3470 per ounce
Today's gold trading signals update:
- Sell Gold from the resistance level of $3388 with a target of $3260 and a stop-loss at $3410.
- Buy Gold from the support level of $3290 with a target of $3370 and a stop-loss at $3230.
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Technical Analysis of Gold Price (XAU/USD) Today:
Continued pressure on the US dollar and increasing global geopolitical tensions have significantly propelled gold bulls upwards, with spot gold prices gaining to the $3360 per ounce resistance level. This comes amid a recovery in the gold price index from its neutral performance around $3345 per ounce over the past two trading sessions. According to performance across gold trading platforms, prices have surged due to the uncertainty surrounding the finalization of the US-China trade agreement and anticipation of key US inflation data.
Recently, officials from both countries announced a framework to restore their trade truce and lift China’s export restrictions on rare earths, though both sides are still seeking their leaders’ approval before moving forward with implementation. Adding to the broader uncertainty, a federal appeals court allowed the US’s broadest tariffs to remain in effect while reviewing a lower court’s ruling that the president exceeded his authority in imposing them. Further darkening the economic outlook, and thus increasing demand for gold as a hedge, the World Bank downgraded its 2025 global economic growth forecast by 0.4 percentage points to 2.3%, citing higher tariffs and rising risks as major challenges for most economies.
Trading Tips:
The strategy of buying gold on every dip remains the best approach and should be maintained for a longer period, while exercising caution regardless of the strength of trading opportunities.
Yesterday, cooler-than-expected US inflation data reinforced expectations that the Federal Reserve might begin cutting US interest rates by September. According to economic calendar data, US consumer prices rose by 2.4% year-on-year in May, a slight increase from 2.3% in April but below market expectations of 2.5%. Core inflation settled at 2.8%, slightly below the anticipated 2.9%.
On another note, it affects the US dollar and, consequently, the gold market. News of progress between China and the United States in the London talks will boost investor sentiment and prompt financial markets to unwind some of the aggressive positions that have built up against the currency in recent months. However, there will still be a cautious atmosphere regarding ensuring progress, given recent false starts.
In general, according to gold analysts' expectations, the general price trend remains bullish. As we mentioned before, the stability of the gold price index above the $3,300 per ounce resistance will continue to encourage bulls to advance. Currently, the $3,400 psychological resistance will be the next closest target for bulls. The current trend of the 14-day RSI and the MACD lines confirm the potential for the expected upward movement. Ultimately, we still prefer buying gold on dips.
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