Today’s Gold Analysis Overview:
- The overall Gold Trend: Remains bullish.
- Today’s Gold Support Levels: $3332 – $3310 – $3260 per ounce.
- Today’s Gold Resistance Levels: $3382 – $3400 – $3450 per ounce.
Today’s Gold Trading Signals:
- Sell gold from the resistance level of $3383 with a target of $3290 and a stop loss of $3400.
- Buy gold from the support level of $3290 with a target of $3370 and a stop loss of $3250.
Technical Analysis of Gold Price (XAU/USD) Today:
The gold price indicator has started the week on a strongly positive note, rising to the $3375 per ounce resistance level, which is the highest price in three weeks. Instantaneous gold prices then settled around $3342 per ounce at the start of Tuesday’s trading session. This session will see the announcement of crucial US inflation readings via the US Consumer Price Index, due at 3:30 PM Cairo time. As is well known, this release is vital for forecasting the future policies of the US Federal Reserve, and consequently, for the US dollar and gold prices in the coming days.
Technically, as we mentioned before, the general trend for gold price performance will remain upward as long as prices remain around and above the resistance level of $3,300 per ounce. Recent upward bounce gains have pushed the 14-day RSI above its midline, giving bulls a chance to advance to stronger gains before the index reaches overbought territory. Meanwhile, the MACD lines are beginning to turn higher, but more positive momentum is expected.
Global trade and geopolitical tensions, purchases of the yellow metal by global central banks, and US dollar weakness will remain the most prominent factors for the gold index to achieve further gains. I still prefer buying gold on every price dip, and currently, the closest buying areas are $3318, $3290, and $3260, respectively. Dear trader, always remember not to risk too much, regardless of the strength of the entry levels, and distribute trading amounts across several entry trades.
Trading Tips:
Be cautious and closely monitor the factors affecting the gold market. Be a consistent buyer of gold bullion, but choose the right time.
Trump’s Trade Policies and the Impact on the Gold Market
According to trading on trusted trading platforms, gold prices trimmed their gains, as the ongoing trade uncertainty continued to impact market sentiment. US President Trump announced new 30% tariffs on imports from the European Union and Mexico, set to take effect on August 1. This move follows a broader package of tariffs imposed last week, which targeted over 20 countries, including Japan, South Korea, Canada, and Brazil, and included a hefty 50% tariff on copper imports.
Meanwhile, some investors believe these tariffs may be eased through negotiations, the ongoing trade tensions generally increase market volatility. In the meantime, traders are closely monitoring a series of key US economic reports scheduled for this week – including the Consumer Price Index (CPI), Producer Price Index (PPI), industrial production, and retail sales – looking for clues on the US Federal Reserve’s next policy move.
US Stocks See Limited Gains Amid Cautious Sentiment:
During yesterday’s trading session on Monday, and across stock trading platforms, US stock indices closed slightly higher. Investors weighed renewed threats of tariffs from US President Trump against optimism regarding upcoming earnings and inflation data. The S&P 500 rose by 0.1%, the Dow Jones gained 88 points, and the Nasdaq advanced 0.3%, supported by gains in technology stocks such as Meta and Netflix.
For his part, Trump announced plans to impose 30% tariffs on goods from the EU and Mexico starting August 1, but hopes for continued negotiations helped calm investor fears. Markets are also preparing for a wave of Q2 earnings reports, with major banks like JPMorgan Chase and Wells Fargo scheduled to release their reports starting Tuesday. At the same time, investors are awaiting the June CPI report, which may reveal the extent to which previous tariffs have affected inflation and will shape expectations for the Federal Reserve’s next move.
Among major companies, shares of Nvidia, Microsoft, Apple, and Broadcom fell, while Meta and Alphabet recorded gains. Also, Tesla shares rose by 1% after Elon Musk stated that shareholders would vote on the company’s investment in xAI.
Gold Company News
TDG Gold, after Monday’s trading, announced that it has closed a financing deal for common and flow-through shares, raising $28.76 million USD, thereby completing the acquisition of Anyox Copper. The company added that following the completion of the deal, Anyox shareholders now own 20% of TDG’s outstanding shares, and that it has appointed Paul Geddes as Vice President of Corporate Development. CEO Fletcher Morgan stated: “Finally, we can explore the full potential of regional metals holdings in the Todogone area; we are very excited to be the first to return to the previously producing Anyox area.”
The Anyox project is located on the southern edge of British Columbia’s Golden Triangle and includes the high-grade Hidden Creek copper mine, along with several near-surface mineral occurrences along an approximately 12-kilometer corridor with tidal water access. The company added that the project “represents an easily accessible area, with potential for rediscovery and new discoveries.”
Finally, the company achieved total gross proceeds of approximately $28.8 million USD through the offering. The issued securities are subject to a hold period until November 15, and the offering awaits final approval from the TSX Venture Exchange.
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