The price of gold futures for June 2025 terms has maintained its price above the important technical support level of 3,180 USD/ounce. After falling to a bottom of $3,170 an ounce on May 14, gold futures were able to open and close above this support level.
The support level of $3,180/ounce was formed from the price peak on April 2 and 3, when gold closed at $3,190/ounce and opened the next day at $3,196/ounce.
Gold prices then fell over the next two days and found support on April 7, ending the correction period before starting a 10-day winning streak, hitting a record high of over $3,500/ounce.
A month later, gold prices fluctuated in the range of $3,180 to $3,400/ounce. At the same time, the $3,180/ounce mark also coincided with a 61.8% Fibonacci retracement from the previous price increase period, clearly shown on the chart.
In the last four trading sessions, gold futures have opened and closed above $3,180/ounce, affirming the current technical support level.
The daily chart of gold futures for 2025 also shows a random volatility indicator (stochastic Oscillator), a dynamic assessment tool that helps technical analysts identify overbought or oversold status based on current prices compared to recent highs and lows. This indicator includes two rows %K and %D.
The %K line shows the current closing price as a percentage of the price range over a certain period of time, while the %D line is the moving average of %K. When this index falls below 20, it is considered an over-selling state, showing that prices may be undervalued and have the ability to recover.
Currently, the %K (blue) line is about to cut above the %D line, signaling that gold prices may increase further from this price.
As of 10:00 a.m. ET, the spot gold price listed on Kitco was at 3,206.4 USD/ounce.
Today's trading session takes place within the price range of last Friday's session. With gold holding the support level of $3,180/ounce and fundamental factors such as tax disputes imposed by the current government, gold is expected to continue to maintain this support level and move towards an upward trend.
However, prolonged tariff disputes between the US and partners such as China still create a lot of instability for the commodity market, and are also a driving force for gold prices and other futures contracts to tend to increase.
"The risk is returning, but policy and trade uncertainty remains high, while the 30-day extension of the tariffs will end in early August," said Benjamin Hoff, an analyst at Societe Generale.
