Today’s Gold Analysis Overview:
- General Trend: Upward.
- Today’s gold price support points: $3280 – $3220 – $3160 per ounce.
- Today’s gold price resistance points: $3368 – $3389 – $3440 per ounce.
Today’s gold trading signals update:
- Sell gold from the resistance level of $3368, with a target of $3200 and a stop loss of $3400.
- Buy gold from the support level of $3265, with a target of $3370 and a stop loss of $3200.
Technical Analysis of Gold Price (XAU/USD) Today:
The strongest upward path for the immediate gold price trend remains in place. This trajectory has propelled gold bullion prices to a new historical record high of $3357 per ounce, the highest in the history of the gold market. The new trading week will begin with prices stable around the $3326 per ounce level. The appetite for buying gold bullion as a safe haven persists amid the uncertainty prevailing in financial markets and expectations for the future of the global economic recovery in light of the harsh trade wars led by the United States of America against the rest of the major global economies. This increases the chances of economic recession and affects the future policies of global central banks.
Technically, according to the performance of technical indicators, the gold price index surpassing the $3300 per ounce resistance barrier confirms the strong control of bulls over the trend. At the same time, it confirms the movement of technical indicators towards strong and sharp overbought levels. This is clearly evident in the Relative Strength Index (RSI), MACD, Stochastic, and a large number of other technical indicators. The peaks of $3400 and $3550 per ounce will be the most prominent for the future of gold prices in the coming days.
Trading Tips:
Be cautious about initiating gold selling operations for profit-taking after the recent pace of gains. As we always advise, do not risk capital regardless of the strength of trading opportunities.
Will gold bullion prices rise in the coming days?
Despite the overbought conditions, gold analysts’ expectations still indicate that gold prices are susceptible to further record-breaking upward breakthroughs as long as the factors driving its gains remain. Recently, the demand for buying gold bullion has increased amid market reaction to the US Federal Reserve Governor Jerome Powell’s scathing assessment of the impact of the Trump administration’s tariffs on inflation and growth, which pushed the gold price to its highest level ever, approaching $3360 per ounce.
According to gold market experts, market momentum remains strong, especially with the volatility in stock markets. The reasons for buying gold over the past two years remain valid. Some consolidation may be needed to maintain the stability of the upward market. Accordingly, the strategy of buying gold at every dip will remain a likely scenario given the broader macroeconomic conditions. Overall, the $3500 US dollar resistance level appears to be a reasonable target in the coming weeks.
Currently, markets are awaiting a trade agreement or an announcement of talks between the United States and China, and the market’s trajectory will remain upward until further notice.
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