Macro approach:
- XAUUSD advanced this week, supported by broad-based US dollar weakness and reviving safe-haven demand amid rising global trade tensions. The yellow metal briefly reached a five-week high as investors sought safety following headlines of escalating US tariffs and uncertainty over the Fed’s policy direction.
- Gold may remain well-supported if risk aversion persists, with upcoming global PMIs and further US trade developments set to guide market direction. Additional Fed commentary and central bank actions could trigger new volatility for XAUUSD throughout the week.
Technical approach:
- XAUUSD remains above both the EMA21 and EMA78, reflecting ongoing bullish momentum. The recent price action shows consolidation below the resistance at 3430 after rejecting the swing high. In contrast, higher lows have formed above the ascending trendline and the support at 3285.
- If XAUUSD stays above the support at 3560, it may extend towards the previous swing high at around 3430 and open for another record high.
- On the contrary, if the price drops below the support at 3560 and the ascending trendline, it may retreat toward the following support at 3165.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- XAUUSD advanced this week, supported by broad-based US dollar weakness and reviving safe-haven demand amid rising global trade tensions. The yellow metal briefly reached a five-week high as investors sought safety following headlines of escalating US tariffs and uncertainty over the Fed’s policy direction.
- Gold may remain well-supported if risk aversion persists, with upcoming global PMIs and further US trade developments set to guide market direction. Additional Fed commentary and central bank actions could trigger new volatility for XAUUSD throughout the week.
Technical approach:
- XAUUSD remains above both the EMA21 and EMA78, reflecting ongoing bullish momentum. The recent price action shows consolidation below the resistance at 3430 after rejecting the swing high. In contrast, higher lows have formed above the ascending trendline and the support at 3285.
- If XAUUSD stays above the support at 3560, it may extend towards the previous swing high at around 3430 and open for another record high.
- On the contrary, if the price drops below the support at 3560 and the ascending trendline, it may retreat toward the following support at 3165.
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.