🔍 Technical Analysis
Support Levels:
• $3,320 – Recent breakout zone
• $3,305 – Minor swing low
• $3,230 – Previous consolidation area
Resistance Levels:
• $3,366 – Immediate resistance
• $3,392 – April high
• $3,435 – Major resistance level
Indicators:
• RSI: Approaching overbought territory, indicating potential for short-term pullbacks
• MACD: Bullish crossover, indicating upward momentum
• Moving Averages: Price remains above key moving averages, suggesting a bullish outlook
A sustained move above $3,366 could lead to higher levels toward $3,392 and $3,435. Conversely, a decline below $3,320 may result in testing lower support levels.
📰 Fundamental Factors
Geopolitical Tensions: Increasing conflicts, such as those between Russia and Ukraine, have led to greater demand for safe-haven assets like gold.
Trade Policies: President Trump's decision to double tariffs on steel and aluminum imports has contributed to trade uncertainties, influencing gold's appeal.
US Dollar Weakness: The dollar index has declined, making gold more affordable for foreign buyers and supporting its price.
Interest Rate Outlook: Comments from Federal Reserve officials indicate that interest rate cuts are possible, which typically supports gold prices.
📅 Key Events This Week
3 June: US ISM Manufacturing PMI release
5 June: ECB Interest Rate Decision
6 June: US Non-Farm Payrolls data