IMPORTANT:
Gold price today is around $3,318 per ounce, showing a slight decline of about 0.5% to 0.9% from recent levels.
The price is under pressure due to easing US-China trade tensions and a firmer US Dollar, which reduces gold's safe-haven appeal. Technically, gold is testing support near $3,300, with key support levels at $3,260 and resistance around $3,370 to $3,400. A break below $3,260 could lead to a downtrend toward $2,975, while holding support may trigger a rebound toward record highs around $3,500.
Fundamentally, optimism about US trade deals and a stronger dollar are weighing on gold, but upcoming US GDP data could cause volatility. If GDP shows contraction, recession fears may boost gold prices as a safe haven.
Overall, gold faces two-sided risks amid trade developments and economic data releases.
Current price: ~$3,318/oz, down ~0.5%-0.9%
Key support: $3,300 and $3,260
Key resistance: $3,370 to $3,400, with potential to reach $3,500
Influences: US-China trade optimism, US Dollar strength, upcoming US GDP data,$PAXG
