Gold movement forecasts

Gold at the basic level

Gold prices rose on Friday near the levels of 3,340 dollars per ounce, but it retreated slightly and is now trading near the levels of 3,333 dollars per ounce, but it has so far achieved gains for the third consecutive session, supported by safe haven demand amid escalating trade tensions.

President Donald Trump announced the imposition of 35% tariffs on Canadian imports from August 1, and indicated plans to impose comprehensive tariffs of between 15% and 20% on most other trading partners.

This followed previous threats against Brazil and the proposal to impose tariffs on copper, semiconductors and medicines.

Meanwhile, Trump's call to reduce the federal funds rate by 300 basis points sparked speculation about a lenient candidate to head the Fed next year, and raised concerns about the long-term inflation outlook.

The markets continued to estimate two interest rate cuts this year, although interest rate futures indicate a consensus to keep interest rates unchanged at the next meeting.

Gold at the technical level

Gold prices rose during this week's trading after reaching the support levels of 3,295 dollars per ounce, which was expected to be reached before completing the ascent, as we mentioned here in the weekly gold analysis video.

It is expected to complete the ascent to our next target at the levels of 3,360 dollars and then 3,398 dollars per ounce, as the precious metal is still trading above the levels of the breached price channel on the four-hour frame.

Note that any corrective pullback will be a good opportunity to buy gold again.

Gold is expected to close the week on minor changes due to the lack of strong data today.