FxWirePro- EURGBP Trade Idea

Gold  lost nearly $200 from it all-time high on trade war concerns. It hits an low of $2956 and is currently trading around $2998.

According to the CME Fed Watch tool, the chances of a 25 bpbs rate cut on the June 18th, 2025 meeting have increased to 67.6% from 62.30% a week ago.

Technical Analysis: Key Levels and Trading Strategy

Gold prices are holding below short-term moving averages 34 EMA and 55 EMA and long-term moving averages (200 EMA) in the 4-hour chart. Immediate support is at $2970 and a break below this level will drag the yellow metal to $2956/$2920/$2900/$2880. The near-term resistance is at $3020 with potential price targets at$3050/ $3070/$3100/$3167/$3200/$3255.

It  is good to sell on rallies around $3058-60  with a stop-loss  at $3100 for a target price of $2835.