📌 Driving Events
Gold prices (XAU/USD) were on track to rise for the third consecutive day on Friday, climbing to the upper limit of this week's trading range as escalating trade tensions fueled safe-haven demand. Amid a significant intensification of global trade disputes, U.S. President Donald Trump this week sent formal notices to multiple trading partners detailing individual tariff rates that will take effect on August 1 if no agreement is reached. This has disrupted investor sentiment, weighed on risk assets, and provided solid support for gold.
Meanwhile, expectations of an imminent rate cut by the Federal Reserve (Fed) have cooled after last week's strong U.S. jobs data. As a result, the U.S. dollar (USD) remained firm, holding near more than two-week highs set on Thursday. A stronger dollar could limit upside for the non-yielding gold in the short term. Therefore, traders could look for a sustained breakout before going further bullish on the XAU/USD pair.
📊Personal comments:
Gold price broke through 3330, maintained good buying pressure, and rebounded over the weekend
⭐️Set gold price:
🔥Sell gold area: 3367-3369 SL 3374
TP1: $3355
TP2: $3342
TP3: $3325
🔥Buy gold area: $3306-$3308 SL $3301
TP1: $3315
TP2: $3325
TP3: $3338
⭐️ Note: Labaron hopes that traders can properly manage their funds
- Choose a lot size that matches your funds
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.
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.