Gold has been trending lower amid growing risk appetite with stocks surging higher.
With no big bearish catalyst in sight for stocks, the market mood is optimistic and that means the pressure on gold is growing for a drop. The big macro driver has been a thaw in US-China trade tensions. With tariff rollbacks on both sides and negotiations showing real progress, investors are getting more comfortable. What’s more, Tuesday’s softer-than-expected US inflation print added fuel to the fire — calming nerves that Trump's trade tariffs would trigger a fresh inflation wave.
So, for now, sellers are in control of defensive plays like gold and yen, while the tech sector, especially chipmakers, is the main beneficiary.
Gold could potentially break THIS key support area around $3200 after making lower highs and lower lows on the intra-day charts. While the long-term trend is still bullish, I wouldn't be surprised if the bearish momentum continued for a few more days.
The first downside target is at 3136, followed by 3073 and then - the big level - 3,000. Could we see a drop to these levels in the coming days?
By Fawad Razaqzada, market analyst with FOREX.com
With no big bearish catalyst in sight for stocks, the market mood is optimistic and that means the pressure on gold is growing for a drop. The big macro driver has been a thaw in US-China trade tensions. With tariff rollbacks on both sides and negotiations showing real progress, investors are getting more comfortable. What’s more, Tuesday’s softer-than-expected US inflation print added fuel to the fire — calming nerves that Trump's trade tariffs would trigger a fresh inflation wave.
So, for now, sellers are in control of defensive plays like gold and yen, while the tech sector, especially chipmakers, is the main beneficiary.
Gold could potentially break THIS key support area around $3200 after making lower highs and lower lows on the intra-day charts. While the long-term trend is still bullish, I wouldn't be surprised if the bearish momentum continued for a few more days.
The first downside target is at 3136, followed by 3073 and then - the big level - 3,000. Could we see a drop to these levels in the coming days?
By Fawad Razaqzada, market analyst with FOREX.com
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