Gold hovered around $3,300 per ounce, aiming for a weekly gain as demand held firm. Worries over U.S. fiscal health remained front and center following the House’s approval of Trump’s budget plan, which the CBO projects will add nearly $4 trillion to the national debt.
Moody’s downgrade of the U.S. credit rating due to debt and servicing costs added to concerns. Geopolitical tensions, including the threat of Israeli strikes on Iranian nuclear sites and no direct Russia-Ukraine peace talks, also supported gold earlier in the week.
Resistance is at $3,370, with further levels at $3,440 and $3,500. Key support begins at $3,250, followed by $3,150 and $3,025.
Moody’s downgrade of the U.S. credit rating due to debt and servicing costs added to concerns. Geopolitical tensions, including the threat of Israeli strikes on Iranian nuclear sites and no direct Russia-Ukraine peace talks, also supported gold earlier in the week.
Resistance is at $3,370, with further levels at $3,440 and $3,500. Key support begins at $3,250, followed by $3,150 and $3,025.
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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.