But as we get into the new week, there's still no clarity on the matter. So, it's still a bit of a limbo situation. When it comes to tariffs, Trump has the final say. And if we don't hear anything, it's hard to take other sources as confirmation really.
Going back to gold prices today, we are seeing COMEX futures fall back from the surge higher on Friday. The spread between COMEX futures and LME futures have narrowed back to around $60, roughly similar to back before the jump. For some context, the spike higher on Friday saw the spread hit over $120 at the peak.
The near-term chart shows buyers have lost the more bullish bias, with price action dipping back below the 100-hour moving average (red line). The 1% drop today now puts the focus back on the 200-hour moving average (blue line) at around $3,352 currently. Hold that line and the near-term bias stays more neutral with buyers keeping some relevance. But break below that, and the near-term bias switches back to being more bearish in favouring sellers.
To the upside, gold will have to first contest the May, June, and July highs around $3,435-50 before thinking about another shot at the $3,500 mark. As for the downside, the 100-day moving average (red line) at $3,292 currently is a big, big one to watch. Gold has not firmly broken that mark since October 2023. So, if we do get a notable correction, that might be the key trigger for one.
This article was written by Justin Low at investinglive.com.Hence then, the article about gold eases to start the week traders await us tariffs clarification was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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