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Descent Nears the Psychological Threshold of 3000
Economic
Commodity
Summary:
Gold prices experienced a further decline on Thursday after breaching a pivotal support level. This downward trajectory was catalyzed by the escalating optimism regarding the China-U.S. trade agreement, which has alleviated market concerns over a more profound economic crisis and counterbalanced other factors that would typically bolster safe-haven demand.
Sell
CLOSEDXAUUSD
End Time
3183.05
Entry Price
2998.00
TP
3248.00
SL
3289.32 -28.16 -0.85%
6495
Points
Loss
2998.00
TP
3248.15
CLOSING
3183.05
Entry Price
3248.00
SL
Fundamentals
Gold prices plummeted to $3120 during the Asian session on Thursday, marking the lowest level since April 10. Since peaking in May, gold has witnessed a depreciation exceeding 8%.
The abatement of geopolitical tensions is poised to exacerbate bearish sentiment within the gold market. Concurrently, the mutual revocation of most equivalent tariffs by China and the U.S., coupled with the ongoing formulation of potential agreement details with India, Japan, and South Korea, has diminished the allure of gold as a safe-haven asset.
Moreover, with the easing of recessionary concerns in the U.S. economy, investors have been progressively paring back their expectations for a more aggressive easing stance from the Federal Reserve. This shift has been instrumental in driving up U.S. Treasury yields, which, in turn, should provide tailwinds for the U.S. dollar and place a lid on the upside potential for non-yielding gold prices.
In the run-up to the U.S. Producer Price Index (PPI) release later today, traders are likely to adopt a more cautious stance and refrain from making substantial bets. Additionally, remarks by Federal Reserve Chair Powell at the opening of the second Thomas Laubach Research Conference could introduce a meaningful catalyst for gold prices.
Technical Analysis
The onset of a new wave of risk appetite early Thursday propelled gold prices below the $3150 mark, signaling that the significant correction from the $3500 peak would persist in generating bearish momentum.
Despite the Relative Strength Index (RSI) venturing into negative territory, the overarching downward trending structure remains intact. Any attempts at a rebound that surpass the near-term highs would be construed as a "bull trap."
Based on the equidistant pattern analysis, the current gold price decline is poised to test the psychological threshold of $3000, followed by a potential stabilization and subsequent rebound.
Trading Recommendations
Trading Direction: Sell
Entry Price: 3186
Target Price: 2998
Stop Loss: 3248
Valid Until: May 30, 2025, 23:55:00
Support: 3120/3100/3084
Resistance: 3193/3207/3231
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