General trend for gold: Bullish.
Gold support levels today: 4100 – 4060 – 3990 dollars per ounce.
Gold resistance levels today: 4170 – 4220 – 4280 dollars per ounce.
## Gold Trading Recommendations for Today:
Sell gold from the resistance level of 4175 dollars with a target of 3980 dollars and a stop at 4200 dollars.
Buy gold from the support level of 4030 dollars with a target of 4150 dollars and a stop at 4000 dollars.
### Daily Technical Analysis Gold / US Dollar XAU/USD:
Since the beginning of the week, the gold price index has been on a bullish rebound path with gains extending to the resistance level of 4169 dollars per ounce before gold prices stabilized around 4160 dollars per ounce at the time of writing this analysis. The gains of the US dollar have paused amid important economic releases and ahead of a US holiday, helping gold bulls achieve recent gains. According to performance across platforms of [Gold Trading Companies], gold prices have risen with increasing expectations of the US Federal Reserve cutting US interest rates this year.
### Will gold gains continue in the coming days?
Undoubtedly, according to [Gold Analysts' Forecasts], the bullish trend of the gold index is gaining strength with its recent gains, and attention is turning to the resistance level of 4220 dollars per ounce, a key level for standard technical bullish breakouts for gold prices. Technical indicators confirm the technical outlook, as the 14-day Relative Strength Index (RSI) is around a reading of 57 and has more time and stronger gains before reaching overbought territory. At the same time, the MACD indicator lines are trending upwards, awaiting stronger stimulation.
In general, global trade and geopolitical tensions, along with purchases of [Global Central Banks] of gold, alongside the path of the US dollar price, will remain the main influencing factors in the gold trading market in the coming period. It is worth noting that stronger forecasts indicate an approximately 81% likelihood of a US interest rate cut in December, following Christopher Waller, a Federal Reserve governor's support for a rate cut, pointing to a weak labor market and slowing inflation. Overall, attention is now turning to the release of delayed economic data, including US Producer Price Index data, retail sales, and weekly US unemployment claims.
According to experts in [Commodity Markets], gold prices are expected to remain within a defined trading range this week, as its direction is mainly affected by changes in expectations for US interest rates and the tone of the Federal Reserve's speech. Currently, with the stabilization of US Treasury yields and the US dollar holding near its recent highs, the likelihood of gold rising is limited in the near term.