Although spot gold opened yesterday with upward momentum, it failed to maintain its gains and closed the session with a 0.6% loss at 3,294. Today, however, gold has opened with buying interest, supported by several developments—most notably the U.S. House of Representatives' approval of a tax-cut bill expected to significantly widen the fiscal deficit, raising concerns over financial sustainability.
This development has pressured the U.S. Dollar Index (DXY) and Treasury yields, prompting investors to seek safe-haven assets like gold. Additionally, reports that Israel is preparing for a potential strike on Iranian nuclear facilities have added to the supportive backdrop.
Technically, the 3,330 level is an important resistance. If the price stabilizes above it, it may target 3,370, with major resistance at 3,415. On the downside, if gold fails to break the short-term resistance at 3,300, it could retest the support levels at 3,303 and 3,287.
This development has pressured the U.S. Dollar Index (DXY) and Treasury yields, prompting investors to seek safe-haven assets like gold. Additionally, reports that Israel is preparing for a potential strike on Iranian nuclear facilities have added to the supportive backdrop.
Technically, the 3,330 level is an important resistance. If the price stabilizes above it, it may target 3,370, with major resistance at 3,415. On the downside, if gold fails to break the short-term resistance at 3,300, it could retest the support levels at 3,303 and 3,287.
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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.