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Gold gained slightly as traders eye US-China trade talks. It hit an intraday high of $3347 and is currently trading around $3343.
In May 2025, the People's Bank of China maintained its seven-month trend of buying gold by adding 60,000 troy ounces, which would amount to 73.83 million oz, as part of a plan to diversify reserves away from the US dollar amid global uncertainties.
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Technical Analysis: Key Levels and Trading Strategy
Gold prices are holding above short-term moving averages 34 EMA above 55 EMA and above long-term moving averages (200 EMA) on the 4-hour chart. Immediate support is at $3330 and a break below this level will drag the yellow metal to $3300/$3270/$3245/$3230/$3200/$3165/$3135/$3100/$3000. The near-term resistance is at $3400 with potential price targets at $3415/$3465/$3500.
It is good to buy on dips around $3300 with a stop-loss at $3285 for a target price of $3385.
