Today’s Gold Analysis Overview:
- The overall Gold Trend: Bullish
- Today’s Gold Support Levels: $3400 – $3340 – $3300 per ounce
- Today’s Gold Resistance Levels: $3455 – $3520 – $3600 per ounce
Today’s gold trading signals update:
- Sell gold from the resistance level of $3540, with a target of $3390 and a stop loss of $3590.
- Buy gold from the support level of $3350, with a target of $3500 and a stop loss of $3300.
Technical Analysis of Gold Price (XAU/USD) Today:
By the end of last week’s trading, gold futures rose by over 1% as investors continued to monitor the escalating situation in the Middle East. According to performance across gold trading platforms, gold prices surged following Israel’s large-scale attack on Iran, with gains extending to the $3446 per ounce resistance level. This is the highest price in over a month and a half and is close to testing the $3500 per ounce resistance level, which would be an all-time high for gold bullion prices. Weekly trading saw the gold price index record gains of approximately 3.5%, and it has risen by 31% since the beginning of 2025.
Silver prices, a sister commodity to gold, also recorded tepid gains. Recently, silver futures rose 0.17% to $36.35 per ounce. Consequently, the price of the white metal recorded a weekly increase of 1.5%, consolidating its annual rise of more than 14%.
Trading Tips:
We still advise buying gold bullion on every dip, but without taking excessive risks, no matter how strong the trading opportunities. Always monitor market-influencing factors to avoid sudden price movements.
Israeli-Iranian Conflict Supports the Gold Market:
By the end of last week’s trading, Israel launched multiple airstrikes on Iran, declaring that it targeted nuclear facilities in Tehran, as well as its military leaders and senior commanders. The objective, according to the Israeli leadership, is to prevent the Iranian regime from acquiring a nuclear weapon. US President Donald Trump responded to the strikes via social media on Friday, urging Iran to accept an agreement with the United States “before it’s too late.” Trump stated in a post on Truth Social: “Two months ago, I gave Iran 60 days to reach a deal. They should have done it! Today is day 61. I told them what they had to do, but they couldn’t. Now, maybe, they have a second chance!”
Meanwhile, better-than-expected US inflation readings this week boosted gold prices, slightly increasing the likelihood of a Federal Reserve interest rate cut. However, gold’s gains were limited by a stronger US dollar and higher Treasury yields.
According to currency market trading, the US dollar index (DXY), which measures the value of the dollar against a basket of other major currencies, rose 0.13% to 98.05 from its opening level of 97.92. Overall, the US dollar index remains down more than 9% since the beginning of the year. A stronger US dollar can impact dollar-denominated commodities, making them more expensive for foreign investors to purchase.
Despite the escalating geopolitical tensions, investors did not resort to Treasury bonds. The yield on the 10-year note rose 7.7 basis points to 4.434%. also, the yield on the 30-year note rose 7.7 basis points to 4.92%. As is well known, interest rate fluctuations can affect the opportunity cost of holding non-yielding bullion.
Gold Technical Levels:
Based on the daily chart performance and gold analysts’ forecasts, the overall trend for gold prices and the gold index remains strongly bullish, and it is on its way to breaking its all-time high of $3500 per ounce. Increasing global trade and geopolitical tensions, central bank purchases, and a weaker US dollar are the primary factors driving gold’s continued gains in the coming days. A breach of the $3500 per ounce peak, despite pushing technical indicators like the 14-day RSI (Relative Strength Index) and MACD (Moving Average Convergence Divergence) towards overbought levels, will be supported by the continuation of the factors listed in the analysis, potentially leading to new record bullish breakthroughs.
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