ā Gold is fluctuating around $4,210-$4,246 per ounce and is under downward pressure after reaching a historical high.
ā The stronger-than-expected US May jobs report, released last week, has increased expectations of a Federal Reserve interest rate hike later this year, adding further pressure on gold prices.
ā Geopolitical situation: Trump announced the cancellation of attacks on Iran and stated that a US-Iran deal is expected to be signed later this week, possibly in Europe.
ā The reduction in geopolitical risk could lessen demand for safe-haven assets, providing short-term support for riskier assets. However, if the details of the deal do not meet expectations, volatility in the dollar and oil prices could add to the uncertainty in the Federal Reserve’s decision-making process.
ā Trading Direction:
Main Support: The $4,200 price level needs to hold; a break below this level could continue the downtrend.
Main Resistance: The $4,246 – $4,268 price level needs to be broken to resume upward momentum.
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