Gold Today 07/05: Eyes $3500 Amid Global Tensions (Chart)

(MENAFN- Daily Forex) Today's Gold Analysis Overview:

• Overall Trend for Gold: Bullish.
• Today's Gold Support Levels: $3360 - $3320 - $3280 per ounce.
• Today's Gold Resistance Levels: $3430 - $3470 - $3530 per ounce.

Today's gold trading signals update:

• Sell gold from the resistance level of $3470 with a target of $3340 and a stop-loss at $3520.
• Buy gold from the support level of $3300 with a target of $3470 and a stop-loss at $3260.

Technical Analysis of Gold Price (XAU/USD) Today:

Gold bulls have resumed their push to record highs, with the XAU/USD price index climbing to the resistance level of $3,438 per ounce before settling around $3,388 per ounce at the time of writing. During yesterday's trading session alone, across gold trading platforms, gold futures prices rose by more than 3% ahead of the May Federal Reserve meeting. Overall, gold prices have seen a sharp rise this year amid tariff turmoil in financial markets. Don't forget, dear reader, that gold prices have risen by 30% this year.

Similarly, silver prices, gold's sister commodity, rose by about 3% yesterday, with gains reaching $33,435 per ounce. Overall, the price of the white metal has risen by 14% this year.

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Monitor the factors affecting the gold market closely and do not risk buy from historical record highs. It is better to buy from lower levels Levels for Gold Prices Today:

According to the performance on the daily timeframe chart and with the recent gains, the direction of technical indicators has moved upwards. The 14-day Relative Strength Index (RSI) is close to breaking the overbought line. At the same time, the blue line of the MACD indicator is resuming its break above the orange line, indicating bull control and preparation for stronger upward breakouts. Momentum indicators remain positive, and the psychological resistance of $3400 per ounce will remain the key to record upward breakouts for spot gold prices in the coming days.

However, be cautious of the US central bank's announcement today, which will be released at 9:00 PM Egypt time, followed by important statements from the bank's governor, Jerome Powell, which may have a strong reaction on the performance of the US dollar price and consequently on the price of an ounce of gold today. A hawkish tone will not be in favor of gold's gains, and therefore, expect rapid profit-taking sell-offs. Conversely, this will open the way for gold prices to move towards the historical high of $3500 per ounce again.

EURUSD Chart by TradingViewGold Market Reacts to Global Trade Tensions

According to trading across licensed trading company platforms, trade and the Federal Reserve were the focus of investors' attention. Recently, US President Donald Trump indicated this week his intention to announce new tariffs on pharmaceutical products and a 100% tariff on films produced abroad. During his meeting with Canadian Prime Minister Mark Carney, Trump also hinted at an upcoming "important announcement." He later confirmed this on the social media platform "Truth Social."

In the same vein, during his appearance before the US Congress yesterday, US Treasury Secretary Scott Pisant stated that the United States is engaged in trade negotiations with 17 major trading partners. He confirmed that the White House has not yet engaged in trade negotiations with China.

Meanwhile, the US Federal Reserve will conclude its May meeting today, Wednesday. The US central bank is expected to keep interest rates unchanged at a range of 4.25% and 4.5%. Following the better-than-expected US jobs report for April last week, the futures market has postponed its expectations for an interest rate cut to July. Federal Reserve Chairman Jerome Powell is expected to provide hints about the likely timing of interest rate cuts in the press conference that will be held after the meeting.

Recently, gold prices have benefited from lower US Treasury bond yields and a weaker US dollar.

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