Today’s Gold Analysis Overview:
- The overall Gold Trend: Relatively leaning towards breaking the uptrend.
- Today's Gold Support Levels: $3300 – $3255 – $3180 per ounce.
- Today's Gold Resistance Levels: $3365 – $3400 – $3440 per ounce.
Today's gold trading signals update:
- Sell Gold from the resistance level of $3375 with a target of $3290 and a stop-loss at $3400.
- Buy Gold from the support level of $3270 with a target of $3400 and a stop-loss at $3230.
Technical Analysis of Gold Price (XAU/USD) Today:
Gold prices fell to their lowest level in two weeks, with losses extending to the $3295 per ounce support level before settling around $3325 per ounce at the time of writing. According to performance across gold trading platforms, selling pressure on the yellow metal increased as financial markets assessed the sustainability of the ceasefire between Iran and Israel. Tehran and Tel Aviv had agreed to a temporary ceasefire after exchanging strikes since last week. However, reports of fresh missile launch, and strike orders raised scepticism about the truce's validity and fuelled concerns that the conflict would soon resume.
Furthermore, this occurred after the exchange of controlled strikes between Iran and the United States minimized collateral damage and preceded a period of apparent de-escalation. This reduced gold's appeal as a safe haven and prevented its price from retesting record highs of $3,500 in late April. Meanwhile, key FOMC (Federal Open Market Committee) members indicated they are not opposed to a US interest rate cut in the Federal Reserve's upcoming July meeting, amid signs of a wavering labour market and disinflation in consumer prices.
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Trading Tips:
The strategy of buying gold on dips is still valid, and it's the best approach for considering gold trading in the coming days.
The movement of technical indicators hasn't changed much after gold's recent losses. The 14-day RSI (Relative Strength Index) remains near the 50 level, which divides bullish and bearish control. As mentioned before, gold's stability around and above the $3300 per ounce resistance will remain important for a continuation of the bullish outlook. At the same time, the MACD (Moving Average Convergence Divergence) lines are starting to turn downwards. Overall, investors seem content with the idea of a ceasefire between Israel and Iran, allowing them to relatively step away from gold trading. According to gold analysts' forecasts, we might see a stagnant market in the upcoming sessions, despite other risk factors that could revive interest in gold.
Future of US Interest Rates and Their Impact on Gold Trading:
Based on recent trading, gold prices have been affected by recent hints regarding the future of US interest rate cuts. Federal Reserve Chair Powell confirmed that there is no rush to cut US interest rates, according to his prepared remarks for a speech to the US Congress. His statements were consistent with previous remarks, where several FOMC members stated it's better to wait for a better understanding of the level of tariffs the US government will approve and their impact on the economy before adjusting key interest rates. The Committee kept the US interest rate unchanged at 4.25%-4.50% for the fourth consecutive meeting in June 2025, in line with expectations. In the accompanying Summary of Economic Projections, the FOMC maintained its forecast for two US interest rate cuts this year, though it expects only quarter-percentage-point cuts in 2026 and 2027. The Federal Reserve also lowered its GDP growth forecasts for 2025 to 1.4% (from 1.7% in March) and for 2026 to 1.6% (from 1.8%), while keeping the 2027 estimate unchanged at 1.8%.
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