Gold Price Holds Above $3,350, Near Multi-Week High
Gold is trading with a positive mood above $3,350. It remains close to its multi-week top, showing that buyers are still supporting the price.
The main reason for gold’s strength is the weaker US Dollar. When the dollar goes down, gold becomes cheaper for buyers using other currencies, which helps push the price up. Also, traders are staying cautious due to global uncertainties, which increases the demand for safe assets like gold.
Central banks, especially China’s, are buying more gold. They are doing this to reduce their use of US government bonds. This strong demand is one of the reasons gold is holding its gains.
Looking at technical levels, gold has support around $3,294 and $3,267. This means the price might stay above these levels. On the upside, resistance is seen near $3,357, $3,400, and $3,500. If the price breaks these levels, it could move higher.
Impact: If market worries continue and central banks keep buying gold, the price might rise further. But if there is good economic news, gold’s upward move could slow down.