- The price of gold is retreating from a recent multi-day type of $ 3,366 with limited potential for below.
- US tariff delays and weaker dollars still benefit from precious metals.
- Traders expect key American data and a meeting on FOMC meeting forward.
The price of gold is now at the intersection due to the complex situation arising from the uncertainty of trade, the future decrease in feet, fiscal instability and the weaker US dollar. At the time of writing, the price of gold remains about $ 3,304 after marking the order about $ 3,295. The precious metal fell from the living room of $ 3,341.
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The above-mentioned basic factors make gold an attractive means of investors looking for security and speculative opportunities. The main catalysts for the golden rally was Moody’s reducing American credit appearances that trembling investor trust in American property. Moreover, the threat of President Trump to impose 50% of the EU’s EU tariff also weakened the dollar and investors escaped into gold to seek safety. However, the decision was later delayed until 09. July after negotiations with the President of the European Commission, which immediately easiered fears. Hence, gold returned to fresh weeks.
Basic structural concerns are not gone. Trump’s controversial tax on the work that the home of the representative brought more to the fiscal care of the United States, because Bill could add $ 3.8 trillion to the American fiscal deficit. Currently, the Federal Debt is mounted to $ 36 trillion, hard on the dollar.
Moreover, American bidding affairs hit the highlights that were not seen from 2023. years. Natural yields usually harder on non-yield property like gold. The American dollar index is also a day, partially recovering losses on Monday.
However, gold is the parent party could be limited as geopolitical risks such as the military action of Israel in Gaza and the Russian air attack on Ukraine could elevate global uncertainty. Moreover, Trump called Putin Crazy and suggests new sanctions in Russia can further deteriorate the situation.
Key events for gold today
- Orders for Permanent Goods US (April)
Technical analysis of gold prices: $ 3,292 remains agile
The four-sea card for gold reveals the corrective side, which supports the 20-period SMA and a key level of $ 3,300. Despite the return, a wide trend remains intact with the following support that appears at 3,292 dollars.
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Contrary, if the bulls regain the resilience zone to $ 3,365, it stepped to $ 3,435 with the next target to test their time to $ 3,500. However, a $ 3,292 level failure can run deeper correction. However, the purchase to capture will remain attractive for investors.
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