Gold – bullish momentum holds above daily cloud as markets focus on Trump’s meetings with political leaders
Gold prices inched higher on Monday morning as investors turned cautious ahead of today’s meeting between President Trump and leaders from Ukraine and several European countries.
Following last week’s Trump–Putin summit in Alaska — widely described by analysts as one of the most significant political events of the 21st century — Trump signaled strongly that the U.S. seeks an end to the war in Ukraine. Despite his often combative rhetoric and threats directed at both sides, Trump appears to lean toward restoring ties with Russia and pursuing new business opportunities, rather than prolonging confrontation.
Ukraine and Europe now face limited room to maneuver, given their heavy reliance on U.S. support, which could be reduced or even withheld should they resist Trump’s proposals. A clearer outlook is expected by Tuesday morning once the outcomes of today’s high-level talks are revealed.
From a market perspective, gold could come under pressure if negotiations suggest a peace deal is approaching, while continued hawkish tones are likely to fuel safe-haven demand and push prices higher.
Technically, the daily chart remains aligned with a bullish outlook. Price action is holding above the Ichimoku cloud top at \$3,337 and is supported by the ascending trendline around \$3,327. Momentum indicators also favor the upside, but bulls need a decisive break above the \$3,365–\$3,374 zone (daily Tenkan-sen / Friday’s peak) to strengthen momentum for a push toward \$3,391 (upper triangle boundary) and potentially retest the \$3,400 psychological level, also the August 8 high.
On the downside, a break and close within the daily cloud (below the triangle support line) would weaken the short-term structure and shift focus toward \$3,300 (psychological support) and \$3,286 (cloud top).
On a broader scale, the monthly chart shows three consecutive long-legged Dojis and four strong upside rejections, signaling heightened uncertainty and warning that larger bullish momentum may be fading.
Beyond geopolitics, traders will also keep a close watch on the Jackson Hole symposium later this week for potential clues on the Federal Reserve’s rate outlook.
Res: 3353; 3366; 3375; 3391
Sup: 3337; 3327; 3321; 3307
