Gold prices rose for a third consecutive session on Monday (August 4), as last week's economic data boosted expectations of a Federal Reserve rate cut, while geopolitical tensions increased after Trump applied pressure on India, enhancing safe-haven demand.
Supported by rate cut expectations, geopolitical risks, and a weaker US dollar, gold continues to have strong short-term upward momentum. Spot gold hit an intraday high of $3,385.26 per ounce, reflecting strong investor demand. From a technical perspective, gold prices have broken through a key resistance level and are likely to test the psychological barrier at $3,400 per ounce in the near term.
Spot gold rose 0.3% to $3,372.15 per ounce.
Trading suggestion: After touching a daily low of $3,344.5, gold rebounded strongly and reached a daily high of $3,385.6 before consolidating. It eventually closed at $3,373.8, forming a candlestick resembling a spinning top with a longer lower shadow. This type of pattern often suggests continued upward momentum.
Buy gold 3,360, Stop loss 3,354, Target 3,370–3,400.
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