Gold spot prices have experienced significant volatility and notable technical developments over the past several months. Since the start of 2025, gold surged by over 25%, reaching an all-time high of $3,500 per troy ounce in April before retracing to hover near $3,300 by late May.
This rally was fueled by persistent geopolitical tensions, particularly in the Middle East, and a weaker US dollar, which made gold more attractive to international buyers.
Technically, gold entered a parabolic upswing earlier in the year, becoming extremely overbought before breaking below its parabolic trend, signaling a potential top and the start of a corrective phase.
The Relative Strength Index (RSI) has recently dropped below 52, its lowest since February, reflecting weakening bullish momentum. The Average Directional Index (ADX) near 15 also indicates a lack of strong trend direction.
Key support levels are identified at $3,196 (55-day SMA), $3,120 (May low), and $3,031 (100-day SMA), while resistance sits at $3,350.
We are looking forward to further Gold accumulation, ahead of scorching hot summer months.
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Best wishes,
PandorraResearch Team 😎
This rally was fueled by persistent geopolitical tensions, particularly in the Middle East, and a weaker US dollar, which made gold more attractive to international buyers.
Technically, gold entered a parabolic upswing earlier in the year, becoming extremely overbought before breaking below its parabolic trend, signaling a potential top and the start of a corrective phase.
The Relative Strength Index (RSI) has recently dropped below 52, its lowest since February, reflecting weakening bullish momentum. The Average Directional Index (ADX) near 15 also indicates a lack of strong trend direction.
Key support levels are identified at $3,196 (55-day SMA), $3,120 (May low), and $3,031 (100-day SMA), while resistance sits at $3,350.
We are looking forward to further Gold accumulation, ahead of scorching hot summer months.
--
Best wishes,
PandorraResearch Team 😎
Trade active
June 4, 2025Gold shines bright again as scorching hot summer is right here.
👉 Gold has advanced in first three trading sessions of summer 2025, back to 1-month high near $ 3400 per ounce.
👉 The ADP Employment Report showed the U.S. private sector added just 37,000 new jobs in May, the least since March 2003, and well below the 60,000 positions added in April and the consensus estimate for a rise of 110,000 jobs, according to Marketwatch.
👉 "After a strong start to the year, hiring is losing momentum," ADP chief economist Nela Richardson said in a release.
👉 The broader U.S. employment report will be released by the Bureau of Labor Statistics on Friday, with the consensus estimate expecting employers added 125,000 jobs in May, down from 177,000 a month earlier.
👉 The dollar fell following the ADP report, with the ICE dollar index last seen down 0.48 points to 98.75. Treasury yields were sharply lower, with the U.S. two-year note last seen paying 3.879%, down 8.4 basis points, while the yield on the 10-year note was down 10.9 points to 4.361%.
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Best wishes,
PandorraResearch Team 😎
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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.