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Gold consolidates in the $3270 to $3380 range :AUGMONT BULLION REPORT
Gold prices are fluctuating between $3270 (~Rs 94300) and $3380 (~Rs 96200), indicating contradictory signals from US-China trade talks.
U.S. President Donald Trump stated that trade talks with China are now occurring, contradicting Chinese allegations that no discussions have taken place to resolve the ongoing trade war.
On Friday, China exempted several US products from its 125% tariffs, indicating a potential resolution to the trade conflict between the two countries.
Long-term support comes from risk aversion demand, while tariffs and geopolitical turmoil will keep gold prices stable.
Gold buyers seize control as risk-off sentiment spreads through financial markets. US dollar and Treasury yields fall as speculators anticipate further Fed rate cuts. Traders are bracing for a critical US data week, with GDP, Core PCE, and NFP all in focus.
Technical Triggers
The creation of a “Shooting Star” candlestick pattern in the weekly charts, indicates a probable uptrend reversal, which was an intriguing technical component of gold’s price movement last week. If prices sustain below $3300 (~Rs 95000) this week, they may fall 50% to $3240 (~Rs 93000) and 61.8% to $3175 (~Rs 91500).
Support and Resistance:
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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