Spot gold continued its rise yesterday, gaining 0.8% to close at 3,315. This increase is believed to be driven by heightened demand for safe-haven assets amid escalating geopolitical tensions and a slowdown in trade agreement negotiations.
On the U.S. front, expectations are growing that Trump’s upcoming changes to taxes and spending could further worsen the budget outlook, adding pressure to fiscal stability. This sentiment was reflected in the weak demand for the 20-year U.S. Treasury bond auction.
This morning, gold opened with buying interest ahead of PMI data releases from Europe and the United States.
Technically, if the 3,350 resistance is broken, the next resistance levels are at 3,371 and 3,389. On the downside, 3,287 and 3,250 are seen as successive support levels.
On the U.S. front, expectations are growing that Trump’s upcoming changes to taxes and spending could further worsen the budget outlook, adding pressure to fiscal stability. This sentiment was reflected in the weak demand for the 20-year U.S. Treasury bond auction.
This morning, gold opened with buying interest ahead of PMI data releases from Europe and the United States.
Technically, if the 3,350 resistance is broken, the next resistance levels are at 3,371 and 3,389. On the downside, 3,287 and 3,250 are seen as successive support levels.
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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.