- Gold has now tested the $3,260 support level four times and held, suggesting strong buyer interest despite questionable reports of easing trade tensions.
Gold prices have stabilized today after experiencing an earlier decline that represents the fourth dip down to the $3260 level over the past few sessions. The repeated defense of this support level could indicate strong buyer interest at these prices.
Recent reports suggest an easing of trade tensions which might be weakening demand for gold. But have tensions really eased to any great extent? Commerce Sectary Howard Lutnick announced yesterday the U.S. is close to 1 trade agreement with 1 mystery trade partner (rumored to be India? But why not brag about that if true) isn’t the kind of progress that consoles me.
But is it time to buy?
The consistent support at $3,260 coupled with a potential move above $3,375 could provide the technical confirmation needed for renewed confidence in this kind of trade.
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