XAUUSD is approaching support at 3330, which aligns with the ascending channel support and Ichimoku cloud. If we see a rebound from this support, the price could gain upward momentum toward the following resistance at 3360. Conversely, a break below this support could prompt a deeper retracement toward the following support at 3250.
Gold eased as easing tariff tensions and solid US labor data trimmed demand for safe-haven assets. Following a separate deal with Japan, a reported breakthrough in US-EU trade negotiations reduced geopolitical risk premiums.
US jobless claims declined for a sixth straight week, reinforcing expectations that the Fed will hold rates steady next week, though a cut in September remains on the table.
While political friction between President Trump and Fed Chair Powell sparked fresh headlines, it had a limited market impact.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
Gold eased as easing tariff tensions and solid US labor data trimmed demand for safe-haven assets. Following a separate deal with Japan, a reported breakthrough in US-EU trade negotiations reduced geopolitical risk premiums.
US jobless claims declined for a sixth straight week, reinforcing expectations that the Fed will hold rates steady next week, though a cut in September remains on the table.
While political friction between President Trump and Fed Chair Powell sparked fresh headlines, it had a limited market impact.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
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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.