Spot gold closed yesterday with a 0.4% loss at 3,288, marking its third consecutive day of decline. Today, market risk appetite has increased following a U.S. International Trade Court ruling that deemed the vast majority of global tariffs imposed by President Trump illegal, ordering their suspension.
U.S. futures are up around 2%, and the Dollar Index (DXY) has risen above the 100 mark. These developments have added to the selling pressure on gold this morning. Additionally, Nvidia’s better-than-expected earnings have reinforced investor interest in riskier assets.
In this positive market environment, the downward trend in gold may persist. If the decline continues, support levels are found at 3,259, 3,243, and 3,222. In case of a rebound, resistance levels are seen at 3,289 and 3,313.
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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.