Spot gold continued its rally yesterday, closing the session with a 3.5% gain at 3343. This morning, the precious metal reached a new all-time high at 3358 but is now facing profit-taking following news of potential trade war negotiations.
At the moment, as long as the price remains below yesterday’s closing level, we may see a pullback toward the 3300 level. On the other hand, if the previous high is broken, the 3382 level could emerge as a potential resistance.
Today’s secondary U.S. economic data is not expected to cause significant market volatility, while the European Central Bank’s (ECB) decision to cut interest rates may provide mild support for gold.
At the moment, as long as the price remains below yesterday’s closing level, we may see a pullback toward the 3300 level. On the other hand, if the previous high is broken, the 3382 level could emerge as a potential resistance.
Today’s secondary U.S. economic data is not expected to cause significant market volatility, while the European Central Bank’s (ECB) decision to cut interest rates may provide mild support for gold.
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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.