Spot gold came under selling pressure following the announcement of a temporary agreement between the United States and China to reduce tariffs, ending yesterday’s session with a 2.7% loss at 3,236. Positive geopolitical developments also contributed to the pressure on the precious metal.
Today’s release of U.S. inflation data is expected to cause market volatility, but the downward corrective trend in gold prices may persist.
This morning, gold has shown mild buying activity. The levels of 3,285 and 3,325 are considered successive resistance points, while 3,234 and 3,200 are potential support levels in the event of continued decline.
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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.