Gold Slides $200 Amid U.S.- China Talks and Global Risk-On Sentiment: Augmont Gold Analysis
Gold prices have dropped by over $200 from their peak of $3509, driven by President Trump’s softened stance on firing Fed Chair Jerome Powell and optimism surrounding a U.S.-China trade deal. Positive geopolitical news, including talks between Russia and Ukraine, has also fueled risk-on sentiment, reducing gold’s appeal as a safe-haven asset. Augmont Gold expects prices to trade between $3320 and $3400 in the short term
Fundamental News and Triggers
Gold plummets $200 (~Rs 4000) from its high on Risk-On sentiment
- Gold prices have plummeted by over $200 (~Rs 4000) from their high of $3509 (~Rs 99350) due to U.S. President Donald Trump’s retraction of threats to fire Federal Reserve Chair Jerome Powell and expressed optimism for a trade deal with China, decreasing gold’s safe-haven appeal.
- At a news conference yesterday, US President Donald Trump stated that his conversations with China are going well and that he believes they will achieve an agreement. He stated that China’s tariffs would not be as high as 145%, but would not be zero.
- Despite his frustration with rising interest rates, Trump stated that he does not intend to fire Fed Chair Jerome Powell.
- Russian President Vladimir Putin has indicated that he is willing to lead talks with his Ukrainian counterpart, Volodymyr Zelenskyy, raising hopes for a ceasefire deal and bolstering investors’ appetite for riskier assets.
Technical Triggers
- As suggested yesterday, if prices fall below $3450 (~Rs 97000), we may see a topping-out signal and profit-booking can move prices southward to around $3300, the same thing has happened. Now prices are expected to trade in the range of $3320 (~Rs 95500) to $3400(~Rs 96500).
- Silver prices have been trading in the range of $32 (~ Rs 94000) and $33 (~ Rs 97000) and are expected to continue same range this week.
Support and Resistance
International Gold Support level – $3300/oz
International Gold Resistance level – $3500/oz
Indian Gold Support level – Rs 94300/10 gm
Indian Gold Resistance level – Rs 99000/10 gm
International Silver Support level – $32/oz
International Silver Resistance level – $33/oz
Indian Silver Support level – Rs 94000/kg
Indian Silver Resistance level – Rs 97000/kg
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