Spot gold closed yesterday with a 1.5% loss at 3239, marking its third consecutive day of decline. However, the market opened today with some buying activity. Since the full impact of the trade war has yet to materialize, weak economic data from both the U.S. and China—combined with a statement from China’s Ministry of Commerce indicating it is considering a negotiation offer on tariffs—has been interpreted as a sign of easing tensions.
Given these developments, potential gains in gold prices may remain limited in the short term. In this context, as long as the price fails to break above the 3270 resistance level, 3200 remains a likely target. The next support and resistance levels are seen at 3180 and 3300, respectively.
Given these developments, potential gains in gold prices may remain limited in the short term. In this context, as long as the price fails to break above the 3270 resistance level, 3200 remains a likely target. The next support and resistance levels are seen at 3180 and 3300, respectively.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.