Gold Today 03/06: Trend May Break Above $3400 Again (Chart)

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

• The overall trend of Gold: Strongly bullish.
• Today's Gold Support Levels: $3338 – $3300 – $3250 per ounce.
• Today's Gold Resistance Levels: $3390 – $3440 – $3500 per ounce.

Today's gold trading signals update:

• Sell Gold from the $3440 resistance level with a target of $3280 and a stop-loss of $3480.
• Buy Gold from the $3310 support level with a target of $3470 and a stop-loss of $3260.

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

The decline in the US dollar and escalating global geopolitical tensions have created an environment that has increased investor demand for gold bullion. As we anticipated after gold prices fell below the $3280 per ounce support level last week, we wrote at the beginning of this week's trading that there was a strong chance for gold bulls to rebound sharply. This is especially true following the recent Ukrainian attack on Russian territory, which threatens to prolong and expand the European conflict.

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According to gold trading platforms, spot gold prices jumped to the $3380 per ounce resistance level, placing it closer to breaking the psychological $3400 per ounce resistance once again. During yesterday's session, gold futures rose by 2.5%, marking the fifth-highest historical close for the previous month's contract Tips:

We continue to recommend buying gold on every dip, while constantly monitoring market influencing factors and not taking risks, regardless of the strength of trading opportunities gold prices continue to rise in the coming days?

The answer is yes, especially if the current factors driving gold price increases persist. Recently, demand for safe-haven assets has surged, and gold is among the most prominent. Gold buying increased amid US President Trump's pledge to double tariffs on steel and aluminum imports to 50% starting tomorrow, Wednesday. Gold market analysts have reported that escalating trade tensions have increased demand for safe-haven assets like gold. The US dollar has also fallen, enhancing gold's appeal as an alternative safe haven. According to the latest developments in global trade wars, the US and China are engaged in public disputes over alleged violations of their May trade agreement, increasing market volatility. China is a major exporter of metal products. Meanwhile, a major Ukrainian drone attack on Russian military airfields may have reduced the prospects for a European peace agreement.

EURUSD Chart by TradingViewTechnical Levels for the Gold Market:

Based on recent trading activity and the daily chart, gold's upward trend is gaining strength, even before investors react to the US jobs figures and new statements from Federal Reserve Governor Jerome Powell, and before further developments in the Russia-Ukraine war. Despite recent gold price gains, the 14-day Relative Strength Index (RSI) has not reached overbought territory, which assures bulls that they can aim for stronger upward levels in the coming days.

At the same time, the MACD indicator lines have turned upward, awaiting further ascent. Gold prices may continue to move higher until global geopolitical and trade tensions subside, and until the US dollar, which has plummeted to its lowest level in three years, recovers. Finally, the upcoming $3400 gold peak could open the door for new record upward breakthroughs.

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