Improved market sentiment, especially among “risky” assets, in response to news of the extension of trade talks is pushing down precious metal prices. Gold is currently down 0.75% and silver is down more than 1.3%.
Although the tariff changes are still far from being fully priced in by the market (due to the uncertain outcome of negotiations between specific US trading partners), the market is responding optimistically to news of the extension of tariff negotiations. However, Treasury Secretary Scott Bessent warns that if no agreement is reached, tariffs will return to their April 2 levels on August 1. At this point, the market sees these remarks as mere negotiating threats intended to encourage individual countries to take a more submissive stance on tariffs.
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Create account Try a demo Download mobile app Download mobile appInformation from Sunday suggests that the US president is now targeting countries that support the BRICS alliance policy, which is contrary to US interests, with an additional unconditional 10% tariff.
It is therefore worth keeping an eye on the issue of tariffs, which remains a key factor shaping overall market sentiment. In the context of today's session, Trump announces that the lists of tariffs and/or agreements will be delivered on July 7 at 12:00 p.m. ET (6:00 p.m. CEST, Polish time).
Gold is once again returning to the 50-day EMA (blue curve on the chart), which from a technical analysis perspective can be considered a relatively important support point for the instrument. So far, this level has been defended by market demand (as evidenced by the rebound reactions to these levels), but repeated retests in a short period of time may increase the risk of a breakout to the downside. Source: xStation
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