The price of gold touches the lowest daily level amid the rise in the US dollar … and shows some steadfastness under 3300 dollars
The price of gold touches the lowest daily level amid the rise in the US dollar … and shows some steadfastness under 3300 dollars
He continues price gold (XAU/USD) The decrease for the second day in a row during the European -morning session on Tuesday, affected by several compression factors.
The optimism associated with US President Donald’s decision contributed Trump Postponing the imposition of customs duties on the European Union,
Besides recovery Dollar The American is one of its lowest monthly levels, in pressure on the precious metal.
Nevertheless, gold shows some steadfastness below $ 3,300 an ounce, after he wore a little of its lowest daily levels.
The uncertainty surrounding Trump’s commercial policies and fears of the deterioration of the American financial situation,
In addition to geopolitical tensions, it provides some support for gold as a safe haven.
The strong dollar presses gold, but the bets to reduce American interest limit the losses
In the details, President Trump decided on Sunday to postpone the imposition of customs duties by 50 % on the European Union,
Which was scheduled to enter into force on June 1, until July 9.
The decision came after a call with European Commission President Ursula von der Line,
Which confirmed that the federation is ready to negotiate quickly, but it needs more time.
This development temporarily reduced market concerns, but investors are still concerned about Trump’s commercial policies, especially in light of the continued tensions with China.
The Trump bill called “The Beautiful Grand Law” – which may increase the initial deficit in the federal budget by about 4 trillion dollars during the next decade – deepens concerns about the American financial situation.
In this context, signs of declining inflationary pressures in the United States indicate the possibility of Federal Reserve (Fed) to support the economy.
The federal is expected to reduce interest rates at least twice this year, which limits the US dollar gains, and supports Gold prices.
Geopolitical tensions support gold
From the geopolitical side, Russia has launched the largest air attack since the beginning of its invasion of Ukraine in February 2022, and Trump replied that he was considering imposing new sanctions on Russia, describing President Putin as “crazy”.
Besides, the continuation of Israeli strikes on Gaza, in turn, enhances the attractiveness of gold as a safe haven.
American economic data may move the market this week
Today, the attention of traders is directed towards the statements of perennial orders in the United States, in addition to the consumer confidence index issued by the Conference Council.
But the greatest attention will be directed towards the US Federal Meet (FOMC) expected to be issued on Wednesday, which may provide references to the direction of monetary policy.
This week’s schedule will also be celebrated with other important data,
Like the first GDP for the first quarter on Thursday, and the consumer spending price index (PCE) on Friday, data that may add more fluctuations in the price of gold.
Technical analysis: Gold is threatened with breaking support … but the upscale momentum has not yet ended
Technically, gold is currently trading near the support of the short -term rising trend.
In the event that the sales pressure continues and the level of 3300 dollars is clearly broken, especially in conjunction with the breaking of the average of 100 periods on the time frame 4 hours, that field may open to more declines.
On the upper side, the level is 3325-3326 immediate resistance, followed by a summit on Friday near 3366 dollars.
In the event that these levels are penetrated, we may witness the return of the rising momentum to target gold again, the level of 3400 dollars, then the next resistance near 3430, with the possibility of testing the historic summit at 3500 dollars that were recorded last April.
Although gold faces pressure from the rise in the dollar and temporarily declining commercial fears,
Supporting factors such as geopolitical tensions and fears of American deficit,
And interest reduction expectations are still standing, and gold may protect from sharp drop and retreat opportunities remain in the coming days.
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