Gold prices await talks in London on Monday between the US and China
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Gold prices finds support above $3,300 with technical resistance at $3,400. US-China trade talks in London begin, with Gold waiting for the next catalyst for the next move. Gold prices remain in a near-term bull trend with the US Dollar driving the next move. Gold prices remained at an elevated level on Monday, despite the start of US-China trade talks in London. Alongside the United States’ (US) 50% tariffs on steel and aluminium imports, Gold has been supported by broader geopolitical tensions, such as the ongoing warfare between Ukraine and Russia over the weekend, which have reinforced Gold’s safe-haven status. Gold Daily Digest: Can US-China Talks Lift Safe-Haven Gold? Friday’s Nonfarm Payrolls (NFP) report came in better than expected, which has eased fears of the Federal Reserve (Fed) cutting rates in the short term. On Thursday, Reuters reported that the Canadian Prime Minister called US tariffs “illegal,” while Mexico and the European Union expressed similar frustration. On Wednesday, Mexican President Claudia Sheinbaum called the new tariffs “unjust, unsustainable, and without legal grounds,” warning that if a deal is not reached, Mexico will be forced to respond with retaliatory measures. Canada and the EU have also threatened to retaliate if no progress is made in trade talks this week. Gold prices remain under pressure on Monday, retreating from last week’s highs as technical indicators suggest waning bullish momentum. After failing to hold above the $3,339–$3,392 resistance zone, prices broke below short-term support near $3,320 and are now testing the 23.6% Fibonacci retracement level at $3,291. This level has become a key pivot in the near term, with a daily close below it likely to attract fresh selling pressure. The broader price action continues to consolidate within a symmetrical triangle, suggesting indecision among market participants. The lower boundary of this pattern is…
Filed under: News - @ June 9, 2025 5:29 pm