Gold remains firmly within a well-defined descending channel, consistently forming lower highs and lower lows. After a breakout of the minor channel, price appears to be pulling back toward the 3,300 zone before potentially resuming its downtrend.
The temporary ceasefire between Iran and Israel and the US–China rare earth trade deal have dampened safe-haven demand, with capital rotating back into equities. At the same time, stable core PCE data supports the USD, adding further pressure on gold.
If price fails to hold above the 3,260 area, the next target lies near 3,218.
The temporary ceasefire between Iran and Israel and the US–China rare earth trade deal have dampened safe-haven demand, with capital rotating back into equities. At the same time, stable core PCE data supports the USD, adding further pressure on gold.
If price fails to hold above the 3,260 area, the next target lies near 3,218.
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