Gold price analysis

Gold is on the fundamental side Gold

prices fell on Thursday as demand for the precious metal declined as a safe haven amid an improving global trade landscape.

The positive news about the trade negotiations between the United States and its main partners negatively affected gold prices, and the European Union is moving towards concluding an agreement with the United States under which it imposes 15% tariffs on its exports to the American market, instead of the high duties of 30% scheduled to be applied starting from the first of August.

However, uncertainty still surrounds the fate of negotiations with other countries such as South Korea and India, as it has not ruled out the imposition of customs duties up to 50% in the event of a failure of negotiations, and therefore the possibility of a return to the rise of gold again.

Unstable geopolitical and trade factors, along with the expected accommodative monetary trends, may restore the luster of the yellow metal as a safe haven in the coming period.

Gold is on the technical side

Gold prices fell after the completion of the harmonic bat model as mentioned in the weekly analysis video here

The precious metal has now retreated near the cluster of support facing prices now.

With the possibility of a rebound back to the top if trading continues above the levels of 3360 dollars per ounce.

As for if the 3358/59 levels break down, the forecasts indicate the completion of the decline towards the levels of 3330/25 dollars per ounce, from which we can think about buying it again.