Today’s Gold Analysis Overview:
- The overall Trend for Gold: 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 $3410 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 $3280.
Technical Analysis of Gold Price (XAU/USD) Today:
Despite a calmer upward movement by gold bulls, the stronger overall trend for spot gold prices remains bullish. Today, the gold price index reached a high of $3400 per ounce resistance before settling around $3378 per ounce at the time of writing this analysis. This comes amidst cautious anticipation from investors and markets for the US Federal Reserve’s announcement later today, Wednesday, possibly at 9:00 PM Egypt time, followed by a press conference with Federal Reserve Chair Jerome Powell. The US central bank is widely expected to keep interest rates unchanged. However, financial markets are closely watching for guidance on future policy moves amidst persistent uncertainty surrounding tariffs and geopolitical risks.
Gold’s upward trajectory remains intact, with its gains temporarily halted as the rise in the US dollar offset safe-haven demand amid escalating geopolitical tensions. The Israeli-Iranian conflict has entered its sixth day, with the Israeli military confirming strikes near Tehran and detecting missile launches from Iran. Meanwhile, US President Trump met with his national security team, fuelling speculation that the United States might join the Israeli attack and raising concerns about a broader escalation. Recently, President Donald Trump urged the immediate evacuation of Tehran after Israel intensified its bombing across Iran, targeting Iran’s elite military force and state-owned media buildings.
Trading Tips:
We still advise buying gold on every dip, but without taking excessive risks, regardless of the strength of trading opportunities, and monitoring the influencing factors on the gold market as outlined in the analysis.
On another note, a factor that is stimulating the strength of the gold market and suggests it might remain bullish for a longer period is a survey conducted by the World Gold Council. It showed that 95% of global central banks expect global gold reserves to increase over the next year, with a record 43% planning to raise their own holdings.
Technical Levels for the Gold Market Today:
Based on the daily timeframe chart performance and gold analysts’ forecasts, the overall trend for gold prices remains bullish. As mentioned before, the $3300 support level will continue to serve as a catalyst and confirmation of the strong bullish control over the trend, signaling a stronger upward movement towards record highs if bulls gain further positive momentum from increasing global trade and geopolitical tensions, central bank bullion purchases, and a weaker US dollar. Overall, the strategy of buying gold on every dip will remain the best until further notice.
Decline in US Treasury Bond Yields:
According to performance across reliable trading platforms, the US 10-year Treasury bond yield fell to 4.4% on Tuesday, retreating from its gains in the previous two sessions. Traders assessed the escalating geopolitical tensions between Israel and Iran, new economic data, and the Federal Reserve’s anticipated monetary policy decision. According to economic calendar data, US retail sales fell sharply in May, by 0.9% – significantly less than expected – as consumers cut their spending in anticipation of newly announced tariffs. However, the control group, which directly contributes to GDP calculations, rebounded, posting a 0.4% rise. Meanwhile, the Federal Reserve is widely expected to keep the federal funds rate steady, but markets will focus on the latest economic projections and any indications regarding the future path of interest rates. Expectations for interest rate cuts later this year have slightly diminished amid persistent inflationary pressures, driven in part by rising oil prices and ongoing trade uncertainty.
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