Recent developments regarding U.S.–China trade tensions, along with macroeconomic data, have had a generally positive impact on the markets. The potential easing of trade tensions and dovish remarks from Federal Reserve members have reduced demand for safe-haven assets.
Gold had tested the 3500 level earlier this week before undergoing profit-taking, but managed to close yesterday with a 1.9% gain at 3349. This morning, however, spot gold is facing selling pressure.
Technically, as long as the 3325 resistance is not broken, the downside target toward 3250 remains valid, followed by 3215 as the next support level. If 3325 is breached to the upside, the next potential target would be 3370.
Gold had tested the 3500 level earlier this week before undergoing profit-taking, but managed to close yesterday with a 1.9% gain at 3349. This morning, however, spot gold is facing selling pressure.
Technically, as long as the 3325 resistance is not broken, the downside target toward 3250 remains valid, followed by 3215 as the next support level. If 3325 is breached to the upside, the next potential target would be 3370.
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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.