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Gold Holds Near $3,340 on Trade HopesGold remained steady at nearly $3,340 per ounce on Tuesday, with demand easing slightly due to renewed trade optimism after Trump pushed back EU tariffs to July 9. The EU pledged to speed up negotiations, lifting risk sentiment. However, worries over U.S. fiscal health, global trade dynamics, and geopolitical tensions kept markets cautious. Investors now await the FOMC minutes and PCE inflation data for policy cues. Support is seen at $3,270, while resistance is located at $3,370. Further levels include $3,150 and $3,025 below, and $3,440 and $3,500 above.
EIGHTCAP:XAUUSD
by ChartMage
Pound Tops $1.357 on Solid DataGBP/USD advanced above $1.357, hitting its highest level since February 2022, as Trump’s delay of the 50% EU tariff boosted global sentiment. The pound also gained from promising April data, with retail sales rising 1.2%, marking the fourth monthly gain. Inflation stayed high at 3.5%, adding uncertainty over the BoE’s next move. Markets now price in a 50% chance of a rate cut by August, with another possible by year-end. Support lies at 1.3425, with resistance at 1.3600. Other key levels are 1.3850 and 1.3750 above, and 1.3165 and 1.2890 below.
by ChartMage
Euro Nears $1.14 as Dollar is PressuredEUR/USD climbed to $1.1395, approaching a one-month high as the dollar softened amid mounting U.S. fiscal concerns and uncertainty over Trump’s tax-and-spending bill. Risk sentiment improved after Trump delayed a planned 50% tariff on EU goods, easing fears of a transatlantic trade clash. The euro also gained from ECB President Lagarde’s remarks that it could strengthen as a global currency if EU institutions were reinforced. Resistance is at 1.1425, with additional levels at 1.1460 and 1.1580. Support begins at 1.1260, followed by 1.1100 and 1.1050.
by ChartMage
Silver Steadies as Demand ReturnsSilver (XAG/USD) traded near $33.10 on Friday, rebounding from losses as safe-haven interest returned amid U.S. fiscal concerns. Trump’s proposed tax bill, passed in the House, is expected to increase the deficit by $3.8 billion, adding pressure to the dollar and supporting precious metals. While broader economic and trade uncertainty weighed on industrial metal demand, silver remained supported by strong industrial use. China’s wind and solar capacity surged to nearly 1,500 GW in Q1 2025, with photovoltaic power up by 60 GW. In Europe, solar output rose 30% year-over-year. Moody’s downgrade of the U.S. credit rating, citing a potential rise in federal debt to 134% of GDP by 2035, further increased silver’s appeal. Key resistance is at $33.80, with further levels at $34.20 and $34.90. Support is found at $32.30, followed by $31.40 and $30.20.
FOREXCOM:XAGUSD
by ChartMage
Gold Near $3,300 on Deficit ConcernsGold hovered around $3,300 per ounce, aiming for a weekly gain as demand held firm. Worries over U.S. fiscal health remained front and center following the House’s approval of Trump’s budget plan, which the CBO projects will add nearly $4 trillion to the national debt. Moody’s downgrade of the U.S. credit rating due to debt and servicing costs added to concerns. Geopolitical tensions, including the threat of Israeli strikes on Iranian nuclear sites and no direct Russia-Ukraine peace talks, also supported gold earlier in the week. Resistance is at $3,370, with further levels at $3,440 and $3,500. Key support begins at $3,250, followed by $3,150 and $3,025.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Firms as UK Data Performs WellGBP/USD edged up by 0.25% in Friday’s Asian session, nearing 1.3450, after upbeat UK retail sales and consumer confidence data lifted sentiment. The GfK index rose to -20 in May, beating forecasts, while April retail sales surprised to the upside. However, PMI data showed divergence as manufacturing fell to 45.1 (vs. 46.0 expected), while services ticked up to 50.2 from 49.0. The pound also benefited from a weaker U.S. dollar as Treasury yields retreated from 19-month highs. Trump’s budget bill, which includes tax breaks on tips and U.S.-made car loans, passed narrowly and is projected to add $3.8 billion to the deficit. Resistance is at 1.3470, followed by 1.3550 and 1.3700. Key support lies at 1.3250, then 1.3150 and 1.3000.
by ChartMage
EUR/USD Rebounds, Eurozone Data EyedEUR/USD climbed to around 1.1310 during Friday’s Asian session, rebounding as U.S. Treasury yields declined, the 30-year yield slipped from its 19-month high of 5.15%, weighing on the dollar. The recovery follows the House passing Trump’s fiscal bill, which revived deficit worries. Earlier, strong U.S. PMI figures (Composite: 52.1, Manufacturing & Services: 52.3) had briefly strengthened the dollar. Fed Governor Waller hinted at possible rate cuts if tariffs stabilize, while Trump renewed threats of higher tariffs on the EU. On the European front, ECB officials expect inflation to return to near 2% by end-2025, though growth remains subdued. Eurozone PMIs showed services at 48.9 and manufacturing at 49.4. Focus now shifts to Germany’s GDP release. Resistance is at 1.1390, with higher levels at 1.1460 and 1.1580. First support lies at 1.1260, followed by 1.1100 and 1.1050.
by ChartMage
Yen Strengthens on Dollar WeaknessThe Japanese yen firmed to around 143.6 per dollar, heading for a weekly gain of over 1% as inflation data came in stronger than expected. Core inflation surged to 3.5%, its highest in more than two years, while headline inflation held at 3.6%, reinforcing expectations that the BoJ may maintain its tightening stance. The yen also benefited from continued dollar weakness tied to U.S. fiscal worries. Earlier, Japan’s Finance Minister Katsunobu Kato denied discussing exchange rates with U.S. Treasury Secretary Bessent at the G7 summit, dismissing rumors of joint currency intervention. USD/JPY faces resistance at 148.60, with further upside levels at 149.80 and 151.20. Key support lies at 139.70, then 137.00 and 135.00.
by ChartMage
Silver Rises to $32.60 on Safe-Haven DemandSilver (XAG/USD) climbed to around $32.60 per ounce on Thursday during Asian trading, recording its third consecutive gain as safe-haven demand increased amid rising U.S. fiscal concerns and global tensions. Moody’s recent downgrade of the U.S. credit rating to Aa1, citing growing debt and deficits, added pressure on the Dollar. Ongoing unrest in the Middle East and Israel’s military actions in Gaza also supported precious metal prices. Meanwhile, Ukraine is preparing to urge the EU next week to seize Russian assets and target oil buyers, as U.S. sanctions appear to be losing momentum. The first critical support for Silver is seen at 33.80, and the first resistance is located at 32.30.
FOREXCOM:XAGUSD
by ChartMage
Sterling Extends Rally Amid U.S. Fiscal ConcernsGBP/USD extended its gains for a fourth consecutive session, trading near 1.3430 during Thursday’s Asian session. The pair’s upward movement is largely supported by continued weakness in the U.S. Dollar, following Moody’s downgrade of the U.S. credit rating from Aaa to Aa1, in line with earlier downgrades by Fitch in 2023 and S&P in 2011. Moody’s cited projections that U.S. federal debt could surge to 134% of GDP by 2035, up from 98% in 2023, with the budget deficit potentially widening to nearly 9% of GDP. Key concerns include rising interest payments, growing social expenditures, and weakening tax revenues. The first critical support for GBP/USD is seen at 1.3450 and the first resistance is located at 1.3250.
by ChartMage
Euro Extends Rally Ahead of PMI DataEUR/USD trades near 1.1340 during Asian hours, close to two-week highs, extending gains for a fourth session ahead of Eurozone PMI data expected to show improved growth for May. The U.S. dollar remains under pressure as markets await Thursday’s S&P Global PMI. Moody’s downgraded the U.S. credit rating to Aa1, matching earlier cuts by Fitch and S&P, citing rising debt, projected to reach 134% of GDP by 2035, and a nearly 9% deficit. Trump’s tax-cut plan cleared the House Rules Committee, but the DXY still trades lower near 99.50. The key resistance is located at 1.1390, and the first support stands at 1.1260.
by ChartMage
JPY Hits 2-Week High as Dollar WeakensThe Japanese yen strengthened to around 143 per dollar on Thursday, its highest in over two weeks, as concerns over the U.S. fiscal outlook pressured the dollar. Fears that Trump’s proposed tax cuts could add over $3 trillion to U.S. debt weighed on investor confidence. Japan’s Finance Minister Kato said he did not discuss currency levels with Treasury Secretary Bessent at the G7 summit. Domestically, core machinery orders surged 13% in March, beating expectations of a 1.6% drop, while May PMI data showed continued weakness in both manufacturing and services.
by ChartMage
Silver Holds Near $32.60 on CeasefireSilver hovered around $32.20 per ounce during Tuesday’s Asian session, easing for a third consecutive day as safe-haven demand faded. The hopes for a Russia-Ukraine ceasefire, announced by U.S. President Trump after a call with President Putin, tempered market uncertainty and weighed on silver’s appeal. However, losses were limited following Moody’s downgrade of the U.S. credit rating and a series of weak economic data, including CPI, PPI, and retail sales. These reinforced expectations for two Fed rate cuts this year, likely starting in September, according to the CME FedWatch Tool projections. Strong industrial demand, especially from the solar sector, continues to support silver’s longer-term outlook. Markets now look for upcoming Fed speeches for further direction. XAG/USD faces resistance at $32.50, with higher levels at $33.80 and $34.20. Support is seen at $31.40, followed by $30.20 and $29.80.
FOREXCOM:XAGUSD
by ChartMage
Gold Slips with Ceasefire HopesGold declined below $3,320 per ounce as hopes for a ceasefire between Russia and Ukraine reduced the appeal of safe-haven assets. The drop followed a statement by US President Donald Trump announcing that both nations had agreed to "immediate" talks, potentially without US involvement, after a conversation with Russian President Vladimir Putin. On Monday, gold had gained 0.6% in response to Moody’s downgrade of the US credit rating to Aa1 from Aaa, which raised concerns about long-term debt sustainability. However, with geopolitical tensions easing and investors awaiting fresh comments from Federal Reserve officials, gold reversed course. XAU/USD now finds resistance at $3,250, with further levels at $3,300 and $3,350. On the downside, support is seen at $3,120, followed by $3,030 and $2,956.
EIGHTCAP:XAUUSD
by ChartMage
Pound Climbs Above $1.336 on Strong UK DataThe British pound rallied past $1.336, reaching a one-week high and inching closer to its April peak of $1.34. The move was fueled by renewed optimism after the UK and EU reached a comprehensive post-Brexit agreement covering energy cooperation, defense partnerships, and fisheries rights through 2038. Supporting the pound further, recent UK data exceeded expectations. GDP rose 0.7% in Q1 and 1.3% annually, easing pressure on the Bank of England to cut interest rates aggressively. Although rate reductions remain on the table, the strength of the economic rebound gives policymakers more flexibility. Despite some concerns about rising unemployment and slowing wage growth, the upbeat GDP print has helped offset fears of an impending recession. Meanwhile, the US dollar continued to weaken following Moody’s credit downgrade, providing additional support to the pound. GBP/USD now faces resistance at 1.3450, with higher targets at 1.3550 and 1.3700. Support is located at 1.3160, followed by 1.3000 and 1.2960.
by ChartMage
US Credit Downgrade and Brexit Progress Lift EuroThe euro approached the $1.13 mark on Tuesday, extending its rebound from the one-month low recorded on May 12. The rally followed a broad-based weakening in the US dollar after Moody’s downgraded the US credit rating from Aaa to Aa1, citing mounting government debt and widening fiscal deficits. The downgrade sparked investor concerns about long-term US economic stability and pressured dollar-denominated assets. The EU and UK finalized a provisional agreement addressing key post-Brexit issues such as defense, fisheries, youth mobility, and security cooperation. The deal may pave the way for UK companies to participate in major EU defense projects, marking a potential turning point in EU-UK relations. The European Central Bank is expected to initiate a rate cut in June, with additional easing possible later in the year. Despite these expectations, the euro has held firm, buoyed by both geopolitical developments and dollar weakness. EUR/USD now faces resistance at 1.1260, with further upside barriers at 1.1460 and 1.1580. Support lies at 1.1040, followed by 1.1000 and 1.0960.
by ChartMage
Yen Steadies on US Credit DowngradeThe Japanese yen held firm near 144 per dollar, marking its fourth straight session of gains, bolstered by a weaker US dollar in the wake of Moody’s downgrade of the US credit rating. The move, prompted by fiscal concerns and rising deficits, dented dollar confidence globally. Despite this, Japan’s own economic data weighed on sentiment, with GDP shrinking by 0.2% in Q1, its first contraction in a year and worse than anticipated. Investors are also closely watching the upcoming Japanese trade data with concerns about the impact of potential new US tariffs. A third round of US-Japan trade talks is set to begin in Washington by the end of the week, led by Japan’s chief negotiator Ryosei Akazawa. USD/JPY faces immediate resistance at 148.60, with higher levels at 149.80 and 151.20. Key support is seen at 139.70, followed by 137.00 and 135.00.
by ChartMage
Silver Retreats on Semiconductor TensionsSilver pulled back to around $32.50 in Friday’s Asian session, giving up part of its recent gains following reports that the U.S. plans to blacklist several Chinese semiconductor firms. Given silver’s integral role in electronics and chip manufacturing, the news weighed on sentiment. Demand for precious metals has also weakened with easing trade tensions, as the U.S. and China agreed to reduce tariffs, cutting U.S. duties from 145% to 30% and China’s from 125% to 10%. Despite this, silver found support from a weakening U.S. dollar, which followed soft economic data reinforcing expectations for Federal Reserve rate cuts. Powell, however, warned that persistent supply shocks could complicate inflation control moving forward. Resistance begins at $32.50, with further levels at $33.80 and $34.20. Support is seen at $31.40, followed by $30.20 and $29.80.
FOREXCOM:XAGUSD
by ChartMage
Gold Slides Toward $3,220Gold fell to approximately $3,220 per ounce, on track for a weekly loss of more than 3% as appetite for the precious metal diminished with easing global trade tensions. The 90-day tariff truce between the U.S. and China reduced fears of a drawn-out trade war, while geopolitical concerns also eased with a stable India-Pakistan ceasefire. Talks between Russia and Ukraine are losing momentum. Although soft U.S. inflation data has reinforced expectations for at least two Federal Reserve rate cuts this year, Fed Chair Powell cautioned that future inflation may be volatile due to persistent supply shocks. Key support is located at $3,120, followed by $3,030 and $2,956. Resistance levels are seen at $3,250, then $3,300 and $3,350.
EIGHTCAP:XAUUSD
by ChartMage
Pound Gains on Strong UK GDPThe British pound climbed to $1.3320 on Friday after strong UK GDP data showed the economy grew 0.7% in Q1 and 1.3% year-over-year, easing pressure on the Bank of England to cut rates aggressively. While a cut is still likely, the solid growth figures suggest urgency has diminished. At the same time, a softer U.S. dollar, driven by speculation that the U.S. may be allowing depreciation to support exports, has supported sterling. However, the UK’s broader outlook remains mixed, with rising unemployment and slowing wage growth signaling uneven momentum. GBP/USD faces resistance at 1.3350, with additional levels at 1.3450 and 1.3550. Support levels are at 1.3160, 1.3000, and 1.2960.
by ChartMage
Yen Strengthens Despite Japan’s Q1 ContractionThe Japanese yen strengthened toward 145 per dollar, extending its rally for a fourth straight day, despite Japan’s economy shrinking by 0.2% in the first quarter, worse than forecasts. While the Bank of Japan acknowledged the risks posed by U.S. trade policies, it remains confident that rising wages and prices will support eventual policy normalization. Investors are closely watching U.S.-Japan trade negotiations, with Japan insisting that any deal must include the auto sector and that the 25% U.S. tariff on Japanese cars be removed. Resistance is noted at 148.60, with further barriers at 149.80 and 151.20. Major support levels lie at 139.70, 137.00, and 135.00.
by ChartMage
Silver Eases Despite Weaker DollarSilver slipped below $31.90 on Thursday, pressured by easing safe-haven demand after the U.S. and China agreed in Switzerland to cut tariffs to 30% and 10% respectively for 90 days. While the deal briefly lifted sentiment, uncertainty looms over what comes next. The drop in geopolitical tensions has also dampened expectations for aggressive Fed cuts. However, weak U.S. inflation data from earlier this week supported silver by softening the Dollar and improving its appeal to international buyers. Silver faces resistance at $32.50, followed by $33.80 and $34.20. Support is found at $31.40, with lower levels at $30.20 and $29.80.
FOREXCOM:XAGUSD
by ChartMage
Risk Appetite Weighs on GoldGold hovers near $3,155, attempting to stabilize after falling more than 2% the previous day. The metal trades below $3,200, pressured by improved risk appetite following U.S.-China tariff reductions and upcoming U.S. data releases, including PPI and Retail Sales. Fed Chair Powell’s speech is also in focus, as markets seek clues on interest rate policy. While the weaker Dollar has lent gold some support, traders remain cautious ahead of potential rate-cut signals. Key resistance is seen at $3,235, followed by $3,300 and $3,350. On the downside, support begins at $3,120, then $3,030 and $2,956.
EIGHTCAP:XAUUSD
by ChartMage