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The macroeconomic environment is heating up, and the market is buzzing with anticipation for the upcoming US President Donald Trump press conference at 2 PM London time.
The anticipation is palpable as traders eagerly await the latest developments in the US-China trade saga. Recent reports suggest that the talks may be running out of time, especially since neither the US nor China seems inclined to halt the imposition of tariffs on each other's goods.
This scenario could create an opportunity for traders to engage in some technical analysis on the Daily timeframe to glean valuable insights.
From a technical standpoint, gold appears to be gathering buying momentum around the $3,260 mark. Notably, this level previously acted as resistance but is now providing support, which might be a positive sign for the upcoming technical levels.
If the price manages to break out above the second resistance at $3,445, we could witness a surge towards the all-time high level of $3,500. However, if the price fails to hold above the support levels around $3,465 - $3460, it could pave the way for a decline towards the first support at $3,307, and further down, $3,245.
Key Gold Market Movers:
Now, let's delve into the key market movers that could influence the gold prices today:
The pressing matter is President Donald Trump's lack of intention to reduce tariffs on China's goods.
The unfolding geopolitical tensions in Eastern Europe, particularly between Ukraine and Russia, are also keeping traders on edge.
Furthermore, the arising conflict in the Middle East, involving Israel and Yemen, and the threat of retaliation, are adding to the geopolitical turmoil.
In terms of the Federal Reserve, the decision to keep the interest rate unchanged came as expected, and the statement regarding the economic situation in the future might be crucial for traders to consider.
The final factor is Trump's playful hint about announcing a "major trade deal."
What to watch later today:
The focus will be on President Trump's press conference at 2 PM London time, where he is expected to make an announcement regarding a big trade deal.
Additionally, the US jobless claims numbers will be released later today, which could affect both the dollar and gold.
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