Gold tries to break through historical resistance

Expert market comment from senior analyst Alex Kuptsikevich of the FxPro Analyst Team: Gold tries to break through historical resistance

Gold has gained less than 1% over the past two days, but the gains are significant because they mark a break in the downtrend since late December. Thursday's and Friday's gains also reaffirm gold's ability to rise above its 50-day moving average, which it failed to do a month ago.

Since peaking at the very end of last year, gold has been in a downtrend, forming a series of declining local highs and lows.

Since mid-February, risk appetite has been growing in financial markets, as evidenced by the synchronised increase in buying in European and Asian markets and the ongoing rally in cryptocurrencies since the beginning of the month.

But there is no need to rush, as we can only call a break of the downtrend corridor after a consolidation above the previous high. Gold is currently testing this top at $2055, which is a substantial level from which selling has intensified since early January. Moreover, the price has failed to consolidate above this level since August 2020. It could well be called a historical resistance.

It will be possible to talk about the realisation of the bullish scenario for gold after the daily candle closes above $2055. In this case, the first target for growth will be in the region of $2088 - the December high.

But there is an even longer-term scenario. The pullback from the beginning of the year to mid-February is a classic Fibonacci retracement of 61.8% of the first growth impulse from the October lows. The realisation of this scenario will be the advance to $2255 (161.8% of the first advance).

By the FxPro Analyst Team

Reglamento: FCA (UK), SCB (The Bahamas)
read more
Dollar fights an uphill battle amidst mounting tariff pressure

Dollar fights an uphill battle amidst mounting tariff pressure

More Trump letters to be sent, with copper, chips and pharmas next on the tariff list; Dollar struggles to hold recent gains, except versus the yen; US equities on the back foot, underperforming their European counterparts; RBNZ stands pat; Antipodeans post small gains against the greenback;
XM Group | hace 19h 23min
ATFX Market Outlook 9th July 2025

ATFX Market Outlook 9th July 2025

On Tuesday, U.S. President Donald Trump escalated the global trade war by announcing a 50% tariff on imported copper and reiterated that long-threatened tariffs on semiconductors and pharmaceuticals are also imminent. U.S. equities ended mixed as investors awaited further clarity on trade policy. The Dow Jones Industrial Average fell 0.37%, the S&P 500 dipped 0.07%, while the Nasdaq edged up 0.03%
ATFX | hace 19h 33min
Gold Drops Below $3,300 as Fed Rate Forecasts Shift

Gold Drops Below $3,300 as Fed Rate Forecasts Shift

Gold prices fell below 3,300 USD per troy ounce on Wednesday, extending losses after a 1% decline the previous day. The downward pressure stemmed from the Federal Reserve’s cautious stance, which partially offset concerns over escalating trade tensions.
RoboForex | hace 19h 53min
Oil and Copper Surge as Geopolitical and Trade Risks Escalate | 9th July, 2025

Oil and Copper Surge as Geopolitical and Trade Risks Escalate | 9th July, 2025

On July 9, oil jumps above $67.00 on renewed Red Sea attacks, while copper surges past $5.50 after Trump vows 50% tariffs if re-elected. DXY edges up past 97.50 ahead of FOMC Minutes. China’s CPI surprises slightly at 0.1% YoY, offering mixed signals. AUD/USD trades flat, and markets brace for further volatility driven by Fed outlook and trade policy threats.
Moneta Markets | hace 23h 11min