Later today at 19:15 (GMT+2), U.S. President Donald Trump is scheduled to meet Ukrainian President Volodymyr Zelensky, followed by EU consultations. Even hints of de-escalation are seen as negative for gold, while renewed tensions would drive gains.

According to CFTC data, speculative net long positions in gold declined from 237.1K to 229.5K last week. Most liquidated trades were short-term, while money-managed long positions stood at 188.1K contracts versus 33.9K shorts. This reflects a continued correction in the asset.

Technically, the metal remains in a long-term uptrend that slowed in May before entering the current sideways range. A breakout above 3432.00 could open the way to a new all-time high at 3500.00, while a break below 3263.00 would expose the May low at 3121.00. The asset trades near EMA (21), pointing to short-term neutrality, while holding above EMA (190), confirming a broader bullish trend. RSI (14) remains neutral, allowing both short and long setups.

Support and Resistance Levels

Resistance: 3432.00, 3500.00, 3600.00

Support: 3263.00, 3177.00, 3121.00

Trading Scenarios

Base Case: Short positions from 3432.00 targeting 3263.00, with stop-loss at 3480.00. Time horizon: 9–12 days.

Alternative Case: Long positions above 3480.00 targeting 3600.00, with stop-loss at 3432.00.

Scenario

  • Timeframe: Weekly
  • Recommendation: SELL LIMIT
  • Entry Point: 3432.00
  • Take Profit: 3263.00
  • Stop Loss: 3480.00
  • Key Levels: 3121.00, 3177.00, 3263.00, 3432.00, 3500.00, 3600.00

Alternative Scenario

  • Recommendation: BUY STOP
  • Entry Point: 3480.00
  • Take Profit: 3600.00
  • Stop Loss: 3432.00
  • Key Levels: 3121.00, 3177.00, 3263.00, 3432.00, 3500.00, 3600.00