Fundamental approach:
- Gold gained this week, supported by renewed trade tensions following new US tariffs on major partners and rising expectations of a Fed rate cut in Sep.
- Safe-haven demand strengthened after weak US NFP data heightened concerns about economic growth and reinforced market bets on monetary easing, while US President Trump's tariff announcements drove risk aversion.
- Comments from Fed officials signaled openness to policy adjustments, keeping investors focused on future rate moves even as the US dollar softened and global equities stabilized.
- XAUUSD could remain resilient if upcoming US labor and inflation data continue to disappoint.
Technical approach:
- XAUUSD fluctuates within a broad range. The price is forming a big Triangle Formation, awaiting an apparent breakout to determine the next movement.
- If XAUUSD breaches above the Triangle Pattern and the resistance at 3433, the price may continue to advance with the measured target at 3600.
- On the contrary, closing below support at 3560 may prompt XAUUSD to continue range-bound movement by retesting support at 3273.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- Gold gained this week, supported by renewed trade tensions following new US tariffs on major partners and rising expectations of a Fed rate cut in Sep.
- Safe-haven demand strengthened after weak US NFP data heightened concerns about economic growth and reinforced market bets on monetary easing, while US President Trump's tariff announcements drove risk aversion.
- Comments from Fed officials signaled openness to policy adjustments, keeping investors focused on future rate moves even as the US dollar softened and global equities stabilized.
- XAUUSD could remain resilient if upcoming US labor and inflation data continue to disappoint.
Technical approach:
- XAUUSD fluctuates within a broad range. The price is forming a big Triangle Formation, awaiting an apparent breakout to determine the next movement.
- If XAUUSD breaches above the Triangle Pattern and the resistance at 3433, the price may continue to advance with the measured target at 3600.
- On the contrary, closing below support at 3560 may prompt XAUUSD to continue range-bound movement by retesting support at 3273.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.