Gold Analysis 28/08: Bullish Trend Gaining Strength (Chart)

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

• The overall Gold Trend: Bullish.
• Today's Gold Support Levels: $3370 – $3340 – $3300 per ounce.
• Today's Gold Resistance Levels: $3415 – $3430 – $3460 per ounce.

Today's Gold Trading Signals:

• Buy gold from the $3355 support level, with a target of $3420 and a stop-loss at $3340.
• Sell gold from the $3430 resistance level, with a target of $3340 and a stop-loss at $3440.

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

As we previously anticipated, the gold price index is on the verge of breaking through the psychological $3400 per ounce resistance. This comes amid market tensions over an unprecedented intervention by the US President in the policies of the Federal Reserve, which threatens the bank's independence-a factor that has long given the US dollar significant weight in the markets. Trump's recent intervention and his pressure on Fed Governor Jerome Powell, along with accusations against other Fed officials, have weakened investor appetite for the US dollar. This has helped gold bulls push the price toward the $3399 per ounce resistance, its highest level in two weeks. As I noted in my previous technical analysis, a breakthrough of the psychological $3400 resistance will reinforce the bullish trend and signal stronger upward breakouts. Furthermore, the movement of technical indicators toward strong overbought levels will likely continue to be disregarded Bullish Scenario for Gold is Currently the Strongest. What Are the Next Prices?

Based on gold analysts' forecasts and the daily chart, the overall bullish trend for gold is sound. A break of the $3400 resistance will strengthen the move toward higher levels. The $3500 resistance, the highest in gold's price history, cannot be ruled out if the recent drivers of its gains continue. These drivers include rising global trade and geopolitical tensions, increasing central bank purchases of gold bullion, and continued pressure on the US dollar.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Trading Advice:

Traders advise waiting for gold prices to decline to buy again, rather than risking buying from highs in the hope of further gains Scenario for Gold

On the downside, the strategy of buying gold bullion on every dip remains the best approach. An initial break of the upward trend on the daily chart will not occur without the gold index returning to the support levels of $3355 and $3330 per ounce. This would happen if market confidence returns, with an end to Trump's interventions in Fed policies, as well as a resolution of recent trade disputes with other global economies.

Today's technical indicators: The 14-day RSI is around 58, supporting bulls in further advances. The index has more time to achieve stronger gains before reaching a buying peak. Meanwhile, the MACD indicator's lines are strongly trending upwards.

EURUSD Chart by TradingViewUS Stocks Are Rising Despite Trump's Policies

Despite Trump's policies, US stock prices are higher, according to performance across stock trading platforms. US stock market indices closed higher yesterday, as investors awaited Nvidia's closely watched earnings report, considered a key indicator of an AI-driven market recovery. According to trading, both the S&P 500 and Nasdaq rose 0.2%, setting a new record, while the Dow Jones Industrial Average rose 146 points. Nvidia shares held steady, although call options indicate a potential $260 billion volatility in its market capitalization. The chipmaker is expected to post 49% year-over-year profit growth and 53% revenue growth, despite warning of an $8 billion impact from US trade restrictions on China.

In the US market, MongoDB shares rose by 38% and Okta by 1.6% after both companies exceeded expectations, driven by strong AI demand that boosted sentiment ahead of Nvidia's results. With a market value of $4 trillion and the largest weighting in the S&P 500, Nvidia's earnings are considered a pivotal moment in the broader bull market. Separately, Cracker Barrel stock jumped by 8% after it announced it would abandon its new logo following customer backlash and criticism from President Trump.

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