The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Gold continues to rise as investors remain concerned about U.S. President Donald Trump's aggressive trade policy and its impact on the global economy. In addition, ongoing geopolitical tensions serve as a key tailwind for the safe-haven asset. However, gold bulls should proceed with caution ahead of key tariff-related announcements.
Recent macroeconomic data from the U.S. has sparked concerns about potential stagflation. The drop in the Manufacturing PMI to 49 points to a contraction in business activity—an alarming signal for the economy. Meanwhile, expectations of interest rate cuts by the Federal Reserve are also supporting gold demand, making the metal more attractive.
From a technical standpoint, yesterday's pullback from the all-time high stalled near the $3100 area, which is now acting as support. However, with the RSI (Relative Strength Index) residing in overbought territory, a short-term consolidation or modest retracement may be expected before positioning for further upside.
A break below the $3100 level would open the door toward the weekly low around $3076, followed by a potential move to the breakout point at $3057. The downward trajectory could extend further to $3035 support, with the psychologically important $3000 level serving as a major barrier. A drop below this key level could give bears the upper hand.
Nonetheless, the path of least resistance for the precious metal remains upward, with some consolidation likely, as long as daily chart oscillators continue to hold firmly in positive territory.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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