Spot gold ended last week with a 2.6% gain, settling at 3,325. However, following constructive high-level trade talks between the United States and China over the weekend in Geneva—described by both sides as “productive” with significant understandings reached—gold opened this morning with selling pressure.
Geopolitical tensions have also eased, supported by President Putin’s proposal for a direct meeting in Istanbul on May 15, and the announcement of a ceasefire between India and Pakistan.
Given these developments, downward pressure on gold may persist, with support at 3,235 in focus. If this level is broken, a second support may emerge at 3,202. On the upside, resistance levels are seen at 3,300 and 3,316.
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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.