Gold prices rise despite market fluctuations .. Do the gains continue?

Gold prices recorded a remarkable recovery during European trading today, Tuesday, as it rose again to about 3235 dollars an ounce, according to “FXSTREET”.
Gold had retreated earlier in the Asian trading session, after comments issued by a number of US Federal Reserve officials regarding the reduction of the US credit rating by Moody’s credit rating agency.

According to a report published by Bloomberg, the head of the Federal Reserve in Atlanta, Rafael Postic, stated that the classification may lead to extensive economic repercussions, stressing the need for a period of 3 to 6 months to assess the effects of this economic ambiguity.

Geopolitical tensions pressure the image of the United States

On the geopolitical level, the image of the United States fell more after US President Donald Trump’s statements about his two -hour phone calls with Russian President Vladimir Putin on the Ukraine crisis.
Trump said the negotiations will start immediately, but added that if it fails again, the United States will retract any future diplomatic efforts or initiatives, stressing: “This is not my war.”

This statement indicates a fundamental shift in Trump’s position, especially since he promised during his election campaign to end the war during the first 100 days of his term.
As current efforts are stumbling, Trump appears to be preferred to withdraw rather than to continue efforts that may not be found.

The most prominent market engines: gold between different pressure

• Gold declined after losing the momentum that it gained after the credit rating of the United States was reduced, as the focus returned to indicators of calm trade tension between the United States and China, according to Reuters.

• On the other hand, the Trump administration granted the final federal permit to develop a gold mine, which also contains the vital “antimony” metal reserves for the ammunition industry.
  The American Army Engineers Authority issued the statement under the clean water law of the “Stepnite” project in Idahu, with the support of the Minister of Interior Doug Burgum.

• The returns of US Treasury bonds stabilized today, Tuesday, after sharp fluctuations on Monday, following the reduction in the credit rating.
  Futures for American stock indicators also decreased by 0.3%, while gold decreased by 0.5% due to the weak demand for safe havens.

Technical analysis of gold prices: flexible recovery under decisive resistance

The artistic view indicates that the shaking image of the US dollar and the American economy may give gold some momentum as a safe haven, but the high returns of bonds impose prices on prices.

In the upscale direction, the area of ​​$ 3,245 – the summit of April 1 – is a decisive resistance level, after prices failed to overcome it on Monday.
If it exceeds, the levels become 3,250 and 3,271 the following resistance points, but this requires a strong catalyst.

In the downward direction, the daily first support falls at 3,207 dollars, followed by the psychological support barrier at 3,200.
If this level is broken, the decline may extend to the level of 3,185 and then 3,167, the highest level recorded on April 3, before the simple moving average reached 55 days at 3,151 dollars.