Gold Edges Higher Above $3,300 Amid Geopolitical Tensions and US Fiscal Challenges

Gold edges higher this week, trading near $3,308 as markets react to global political and economic uncertainty.

Key Takeaways:

• Gold edges higher due to tension between Israel and Iran raising market fear.
• CNN reports Israel may target Iranian nuclear sites, increasing investor demand for safe-haven gold.
• US lawmakers delay tax bill over SALT deduction, weakening economic outlook.
• First resistance sits at $3,324 while next key level is around $3,354.
• Support levels are placed at $3,263, $3,245, and finally near $3,231.

Geopolitical Tensions and Gold Prices: How Rising Risks Push Gold Edges Higher

Gold edges higher after CNN reported possible Israeli strikes on Iranian nuclear facilities soon.
Biden reportedly calmed Netanyahu earlier, but Trump’s efforts failed to achieve the same result.
Investors worry that rising conflict may spread across the region, leading to financial market volatility.

Meanwhile, US President Trump faces problems passing a major tax bill through divided Congress chambers.
Lawmakers want to raise the SALT tax limit, which is delaying tax changes and hurting confidence.
The Vatican has offered to help by hosting peace talks between Ukraine and Russia.
US officials want Northern Ireland to approve a gold mine owned by an American company.
Delays may force foreign investors to leave, affecting the local economy and investment climate badly.

For reliable updates and analysis, visit Daily Gold Signal.

Technical Analysis: Key Levels to Watch in Gold Price Today

Gold’s upward path faces resistance at $3,324, the high from May 12 trading session recently.
If momentum continues, gold may test $3,354, followed by $3,431 highs seen earlier in May.
Support lies below at $3,263, the daily pivot level traders use for measuring market direction.
Below that, $3,245 and $3,231 serve as safety nets in case the price moves lower.

Expert Opinions on Why Gold Is Rallying

“Gold edges higher because investors prefer safety during political and economic instability,” an expert stated.
Analysts say markets are watching for confirmation from Israel or the US on next steps.

Conclusion: Gold May Continue Climbing If Tensions Remain Unresolved

Gold edges higher due to fears about war and fiscal instability impacting global economic confidence deeply.
If Israel confirms its strike plan, gold may break $3,350 and head for new monthly highs.
Otherwise, price may stay range-bound between current resistance and strong support seen earlier this week.

For more daily market analysis, visit Daily Gold Update.