🇨🇳 China cancels tax exemptions on gold.. What does it mean for the markets?

Decision: The Chinese government has ended tax exemptions on gold trade starting from November, in a surprising move to increase revenues amid an economic slowdown.
Direct impact:
The rising cost of gold within China
Short-term decline in domestic demand
Pressure on global prices
Current status:
📊 Gold holds above $4,000
📈 Major support at $3,960
🎯 Bullish Targets: $4,040 - $4,080 - $4,100
Forecasts:
Bank of America expects gold to reach $5,000 by 2026
Engines:
✅ Central Bank Purchases
✅ Expected US interest rate cut
✅ Geopolitical tensions
Summary: Despite short-term pressures, the overall trend for gold remains bullish. The Chinese decision may create a buying opportunity on dips.
⚠️ Gold remains a safe haven amidst global uncertainty.
#الذهب #الصين #Technical_Analysis