Spot gold closed yesterday with a 0.9% gain, settling at 3,318. The rise was supported by the U.S. Court of Appeals’ suspension of a lower court’s ruling to cancel the global tariffs imposed by Trump, along with a weakening U.S. dollar.
However, gold opened this morning with selling pressure amid signs of a slowdown in U.S.–China trade negotiations, as indicated by Treasury Secretary Bissente, and criticism from President Trump toward Fed Chair Powell for not cutting interest rates.
For the remainder of the day, market attention will be focused on the release of U.S. Core PCE Price Index data.
Technical Outlook:
As long as the price fails to break the nearby resistance at 3,310, the support level at 3,261 remains a likely target. If that level is breached, additional support may be found at 3,246. On the upside, the next resistance is seen at 3,331.
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