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Gold Technical Analysis: Eyes on a potential US Supreme Court decision on Trump's tariffs
Key Takeaways (30s Read)
Gold has reached new highs, with a crucial US decision potentially influencing its direction.
Gold reached new all-time highs following softer-than-expected US core inflation data, raising expectations for Fed rate cuts. Geopolitical tensions and ongoing debates around Fed independence further support gold's appeal. However, the upcoming US Supreme Court decision on Trump's tariffs could introduce risks. A favorable ruling may ease stagflation concerns and boost global growth expectations, potentially leading to a selloff in gold in the short term.
Technically, gold is trading above the top trendline on the daily chart, suggesting a conducive environment for buyers. Sellers will aim for a pullback towards the 4300 level if the price fails to maintain its position. On the 4-hour and 1-hour charts, trends indicate a consolidation above trendlines, allowing for potential buying opportunities on pullbacks. The market remains focused on upcoming US retail sales and PPI data, as well as the Supreme Court decision.
AI Analyst
AI Opinion
"The gold market remains in a bullish posture, yet caution is warranted with significant decisions pending in the US. The potential impact of the Supreme Court’s tariff decision could significantly influence market demand for gold, especially if the outcome is favorable, potentially leading to a decrease in demand. However, gold still holds its appeal as an investment asset amidst ongoing geopolitical tensions and economic uncertainties, making it attractive for buyers looking for opportunities. It is crucial for traders to monitor market developments and manage risks effectively."
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