Spot gold closed yesterday with a 1.3% decline, settling at 3,301. This drop appears to have been driven by improved U.S. consumer confidence, which strengthened the dollar, alongside rising global risk appetite and the postponement of the 50% tariffs on the European Union until July 9.
Additionally, hawkish remarks from New York Fed President John Williams—emphasizing the need for strong central bank action if inflation deviates from target—were interpreted as tightening in tone, further supporting the dollar.
On the geopolitical front, the U.S. announced new sanctions on Russia. Today’s agenda includes the release of the FOMC meeting minutes and a 5-year U.S. Treasury bond auction.
Technical Outlook:
If the support at 3,288 (monthly average) is broken, the price may move toward 3,250. On the upside, resistance levels are seen at 3,320 and 3,355.
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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.