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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.
