Gold prices slipped slightly in the morning, remaining in sight of a record high but seeing few increases in safe haven demand after an alleged assassination attempt on former U.S. President Donald Trump. Safe haven buying, in the face of increased U.S. political uncertainty, favored the dollar, with the greenback recovering a measure of recent losses on Monday. Still, the dollar remained weak amid growing bets on U.S. interest rate cuts, which buoyed gold in recent weeks. Markets were still grappling with an uncertain political outlook for the U.S. after a failed assassination attempt on Trump at a campaign rally in Butler, Pennsylvania on Saturday. The assailant shot at Trump and hit him in the ear, although the former president was still seen urging supporters to “fight!” Heightened political jitters in the wake of the attack were initially expected to support safe haven plays into gold. But such a scenario did not play out as expected, as the dollar benefited from some inflows, while the yellow metal largely retreated after the attack. Analysts speculated that the attack improved Trump’s chances of a victory over Democratic frontrunner Joe Biden later this year. A Trump presidency is expected to potentially add to inflation and debt- a scenario that usually results in a stronger dollar.
Spot gold fell 0.2% to $2,407.49 an ounce, while gold futures expiring in August fell 0.4% to $2,412.20 an ounce
OVERALL TREND IS UP BUT CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2415.80
Today’s important levels for trading are 2422.15, 2406.76, 2395.35 and 2379.96
Trading Strategy for today: Sell O Rise
Trade setup:
Pullback Sell around 2415.50, Higher Sell around 2422.50
Safe swing sell below 2395.50
Safe swing buy above 2427.50
Important Event :
🔴 Empire State Manufacturing Index
🔴 Fed Chair Powell Speaks