GOLD PRICE LANGUISHES BELOW $3,300; LAST WEEK'S SWING LOW HOLDS THE KEY FOR BULLS
GOLD PRICE LANGUISHES BELOW $3,300; LAST WEEK'S SWING LOW HOLDS THE KEY FOR BULLS
Gold prices have declined, with spot gold trading around $3,268–$3,267 per ounce during the Asian session on Monday.
This marks a retreat from last week's record high of $3,500.05, attributed to easing US-China trade tensions and a stronger US dollar.
Spot gold fell by 0.8% to $3,292.43 per ounce, down from its record high of $3,500.05 on April 22. US gold futures edged up slightly by 0.2% to $3,303.70.
Optimistic signals from the White House regarding potential tariff negotiations with China have improved investor sentiment, reducing demand for gold as a safe-haven asset.
China's recent exemptions of some US imports from tariffs have further eased concerns.
The US dollar strengthened by 0.3%, making gold more expensive for buyers holding other currencies and dampening global demand.
Key support levels for gold are identified at $3,145, $2,955, and $2,790, based on historical highs and Fibonacci retracement levels.
Despite the recent decline, gold remains 28% higher year-to-date, supported by concerns over inflation and economic uncertainty.
Analysts suggest that the current decline may be temporary, and the metal could regain support if geopolitical tensions escalate or if there is renewed uncertainty in global markets.
