Spot gold surged to a new all-time high of around $3455.06 per ounce, fueled by escalating US-China trade tensions and a declining US dollar. Meanwhile, US June gold futures climbed to approximately $3464.64 per ounce during early Asian trading hours.
In India, the MCX market opened with a strong gap up expectations, pushing domestic gold prices to a record high today also during the morning session.
The sharp drop in the U.S. Dollar Index to its lowest level in three years further boosted gold’s attractiveness among global investors.
Intraday Strategy for XAUUSD (Spot Gold)
Gold hit a fresh all-time high today.
- Swing Intraday Call:
Look to sell XAUUSD in the 3455.00–3460.00 range. - Set a stop loss at 3500.00.
Watch for the following downside targets in the coming hours:
- Target (NYSE:TGT) 1: 3360.00
- Target 2: 3340.00
- Target 3: 3320.00 (potential new intraday low)
Gold has started pulling back — wait for Target 1 to be tested soon as the market shows signs of a sharp decline.