Gold price tumbles below $4,250 as Trump vows response to helicopter strike
Silver and platinum markets are under strong pressure in today's trading session.
Gold has now rolled over intraday after its earlier rebound, reinforcing the broader bearish technical setup. The move comes as the same macro forces that were supporting risk appetite earlier – namely, resilient Chinese trade data and easing oil prices – were not enough to keep stocks supported once US investors came to the fray.
The gold market continues to watch the interest rate markets, as well as the 200 Day EMA indicator for support. We will have to wait to see if we are going to see any momentum at this point.
The US dollar retreated after Israel and Iran announced a ceasefire. Donald Trump urged them not to shoot at each other.
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The ongoing US-Iran ceasefire allowed gold and silver to react to technical breakdowns. Gold accelerated lower below $4,500 with strong bearish continuation while silver traded at $68.32.
Gold has resumed its decline toward targets at 4360 and 4306, with the potential for further losses. As shown on the chart, gold tested the lower boundary of the downtrend channel around 4265–4285, which could trigger a corrective rebound toward 4368 and 4425, and potentially higher.
Gold remains on the defensive as higher yields and a stronger dollar keep sellers in control. But with risk appetite reboundi.