Gold Recovers After Two-Week Decline
Gold rose slightly to around $3,330 on Friday, set for a weekly gain as US deficit worries and tariff uncertainties increased safe-haven demand. The House passed Trump’s tax and spending cuts, expected to add over $3 trillion to the deficit in ten years. Trump also said he would begin issuing formal tariff notices Friday. Gold’s gains were capped by strong US jobs data, with 147,000 jobs added in June and unemployment falling to 4.1%, supporting the Fed’s current rate stance.
Gold is on track to end the week up over 1%, recovering after two weeks of declines.
Resistance is at $3,365, while support holds at $3,300.
Gold rose slightly to around $3,330 on Friday, set for a weekly gain as US deficit worries and tariff uncertainties increased safe-haven demand. The House passed Trump’s tax and spending cuts, expected to add over $3 trillion to the deficit in ten years. Trump also said he would begin issuing formal tariff notices Friday. Gold’s gains were capped by strong US jobs data, with 147,000 jobs added in June and unemployment falling to 4.1%, supporting the Fed’s current rate stance.
Gold is on track to end the week up over 1%, recovering after two weeks of declines.
Resistance is at $3,365, while support holds at $3,300.
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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.