Recovering gold prices in the Asian trade session after previous losses that are mainly supported by a weaker American dollar and political uncertainty after new American import tariffs, while American trade secretary Howard Lutnick hinded against possible exemption at recent rates for Mexico and Canada, who could put the safe port status of Gold under pressure.
The dollar index fell to a low -month -old low, making gold more attractive for other currency holders, and
China has unlocked more tax stimulus to support the consumption in the midst of an escalating trade war with the US.
Markets are waiting for the employment report and the American non -farming letter data for instructions on the American interest rate, but geopolitical events and rates are currently overshadowing economic data.
From the point of view of technical analysis, the price has found sufficient support on the lower tire of the Bollinger tires around $ 2,850 and has since returned. The stochastic oscillator does not indicate overbought or over-sold levels, and indicated that the directional movement of the price can go in both ways, but due to the lack of a Bearish catalyst, the most likely scenario bullish can be. The advancing averages confirm that the bullish trend is still valid, while the Fibonacci extension level of 161.8%, around $ 2,950, the most important technical resistance level is currently in force.
This article has been submitted by Anthemistokleous, an analyst at Exent.
The opinions in this article are personally for the writer. They do not reflect those from Exness or FX -Rijk.