Gold ended Friday's session with a slight increase, regaining the 3350 USD level and recovering over 100 pips by the end of the day.
The weakening of the US Dollar (USD) allowed XAU/USD to rise modestly. Concerns about US President Donald Trump's erratic trade policies and their potential impact on the global economy further supported the precious metal.
In the short term, the technical chart shows gold breaking out of the downward channel and starting an upward wave. The price is currently adjusting at 3350 USD, which coincides with the 0.618 Fibonacci retracement level and the EMA zone, suggesting the potential for further price increases from this level, with targets towards key resistance levels.
Key resistance levels: 3160, 3172, and 3378 USD.
Support zones: 3350, 3340, 3331 USD.
The weakening of the US Dollar (USD) allowed XAU/USD to rise modestly. Concerns about US President Donald Trump's erratic trade policies and their potential impact on the global economy further supported the precious metal.
In the short term, the technical chart shows gold breaking out of the downward channel and starting an upward wave. The price is currently adjusting at 3350 USD, which coincides with the 0.618 Fibonacci retracement level and the EMA zone, suggesting the potential for further price increases from this level, with targets towards key resistance levels.
Key resistance levels: 3160, 3172, and 3378 USD.
Support zones: 3350, 3340, 3331 USD.
Trade active
Among precious metals, prices are increasing due to the weakening of the USD. There are no negative scenarios for gold in the medium term, considering the current developments: US government spending is out of control, ongoing trade tensions, uncertain inflation, and increasing criticism aimed at the Fed.Note
Note : Key resistance levels: 3360, 3372, and 3378 USD.
Trade closed: target reached
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✅ Fast updates, accurate alerts
✅ Suitable for both beginners and experienced traders
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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.