In the early trading session on Tuesday (June 10th), the price of gold XAUUSD dropped sharply from around 3,328 USD/ounce to about 3,305 USD/ounce.
Bloomberg pointed out that the price of gold decreased during the early Asian trading session on Tuesday when both sides in the US-China trade talks hinted at a willingness to make concessions.
The easing of tensions between Washington and Beijing could reduce the appeal of gold. Senior officials from the US and China initiated the second round of trade talks in London, the first since the Geneva meeting in early May.
On the afternoon of June 9th, local time, the first meeting of the China-US Economic and Trade Consultation Mechanism was held in London, UK. The meeting will continue on June 10th, local time.
The US delegation, led by Treasury Secretary Benjamin Bessant, also included Commerce Secretary Lutnick and US Trade Representative Greer. Bessant told reporters in London that they had a "good meeting," while Lutnick called the discussions "effective."
Bloomberg reported that the US hinted at the possibility of lifting export controls on certain technologies in exchange for China easing restrictions on rare earth exports.
The easing of tensions in the US-China trade war is a key factor currently creating downward pressure on gold, which has already risen more than 26% this year.
Gold traders are also awaiting the release of the US Consumer Price Index (CPI) data this week to assess the "health" of the US economy and predict the Federal Reserve's interest rate cut trajectory.
Technical Outlook for XAUUSD
GOLD
After recovering in yesterday's trading session, supported by the confluence of the EMA21 and Fibonacci retracement at 0.382%, gold has dropped back to test this area at the start of today's trading session.
Gold may continue to face selling pressure in the short term once the price breaks below the 0.382% Fibonacci retracement level, with the short-term target at around 3,250 USD, followed by the 0.50% Fibonacci retracement level.
However, as of now, the technical positions still show potential for price increase, as the support from EMA21 and the 0.382% Fibonacci retracement has not been broken. The short-term recovery target remains at 3,350 USD, followed by the key resistance level at 3,371 USD, which is also the price point of the 0.236% Fibonacci retracement.
Considering the current position, gold still has a bullish outlook, with the potential for a price drop mentioned earlier. The key levels to watch are as follows:
Support: 3,300 – 3,292 – 3,250 USD
Resistance: 3,350 – 3,371 USD
Bloomberg pointed out that the price of gold decreased during the early Asian trading session on Tuesday when both sides in the US-China trade talks hinted at a willingness to make concessions.
The easing of tensions between Washington and Beijing could reduce the appeal of gold. Senior officials from the US and China initiated the second round of trade talks in London, the first since the Geneva meeting in early May.
On the afternoon of June 9th, local time, the first meeting of the China-US Economic and Trade Consultation Mechanism was held in London, UK. The meeting will continue on June 10th, local time.
The US delegation, led by Treasury Secretary Benjamin Bessant, also included Commerce Secretary Lutnick and US Trade Representative Greer. Bessant told reporters in London that they had a "good meeting," while Lutnick called the discussions "effective."
Bloomberg reported that the US hinted at the possibility of lifting export controls on certain technologies in exchange for China easing restrictions on rare earth exports.
The easing of tensions in the US-China trade war is a key factor currently creating downward pressure on gold, which has already risen more than 26% this year.
Gold traders are also awaiting the release of the US Consumer Price Index (CPI) data this week to assess the "health" of the US economy and predict the Federal Reserve's interest rate cut trajectory.
Technical Outlook for XAUUSD
GOLD After recovering in yesterday's trading session, supported by the confluence of the EMA21 and Fibonacci retracement at 0.382%, gold has dropped back to test this area at the start of today's trading session.
Gold may continue to face selling pressure in the short term once the price breaks below the 0.382% Fibonacci retracement level, with the short-term target at around 3,250 USD, followed by the 0.50% Fibonacci retracement level.
However, as of now, the technical positions still show potential for price increase, as the support from EMA21 and the 0.382% Fibonacci retracement has not been broken. The short-term recovery target remains at 3,350 USD, followed by the key resistance level at 3,371 USD, which is also the price point of the 0.236% Fibonacci retracement.
Considering the current position, gold still has a bullish outlook, with the potential for a price drop mentioned earlier. The key levels to watch are as follows:
Support: 3,300 – 3,292 – 3,250 USD
Resistance: 3,350 – 3,371 USD
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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.