Gold is currently trading around 3,335 USD, closing near an important support zone, as highlighted in the chart. The precious metal continues its bearish trend, pressured by the 0.9% increase in the U.S. Producer Price Index (PPI) for July. This indicates persistent inflationary pressure, reinforcing the Fed's stance on maintaining high interest rates, which weakens gold's appeal.
Technical Levels:
The current price is approaching a key support zone between 3,328 USD – 3,273 USD, where a potential bounce could occur if price action confirms a reversal.
The trend remains bearish as long as the price stays below the 3,370 USD resistance, consistent with the pattern of lower highs and lower lows.
A break below the 3,328 USD support could trigger further downside, with the next target at 3,273 USD.
Conclusion:
With the PPI data adding pressure, and the price nearing a crucial support zone, the outlook remains bearish for gold. Traders should monitor price action at the support levels for potential sell opportunities.
Technical Levels:
The current price is approaching a key support zone between 3,328 USD – 3,273 USD, where a potential bounce could occur if price action confirms a reversal.
The trend remains bearish as long as the price stays below the 3,370 USD resistance, consistent with the pattern of lower highs and lower lows.
A break below the 3,328 USD support could trigger further downside, with the next target at 3,273 USD.
Conclusion:
With the PPI data adding pressure, and the price nearing a crucial support zone, the outlook remains bearish for gold. Traders should monitor price action at the support levels for potential sell opportunities.
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Top trading opportunities are waiting for you! : t.me/+TaRRH29IRysyNGJl
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
🔥 High-quality signals – Win rate up to 85%
📍 Accurate, verified technical analysis
⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.