Fundamental perspective:
Gold hovered near $3,330, staying close to a three-week low as easing trade tensions dampened safe-haven demand. The US–EU tariff agreement and signs of progress in other trade talks have calmed fears of broader conflict, reducing gold’s geopolitical bid.
The focus now turns to the Fed’s policy decision. While interest rates are expected to remain unchanged, markets will scrutinize Powell’s remarks for any dovish signals ahead of September. Mixed US data, including softer job openings but an uptick in US consumer confidence, adds to the uncertainty, keeping gold traders on edge.
Technical Perspective:
XAUUSD hovers between the 3200-3350 range following a bearish breakout of the ascending trend line and channel. An extension of its decline below the 3350 resistance and breakout zone could prompt a retest of the support at 3200, which coincides with the Fibonacci confluence area. Conversely, a break above 3350 with bullish momentum and higher swings shown on the lower timeframes could pave the way for further gains toward the swing high at 3450.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
Gold hovered near $3,330, staying close to a three-week low as easing trade tensions dampened safe-haven demand. The US–EU tariff agreement and signs of progress in other trade talks have calmed fears of broader conflict, reducing gold’s geopolitical bid.
The focus now turns to the Fed’s policy decision. While interest rates are expected to remain unchanged, markets will scrutinize Powell’s remarks for any dovish signals ahead of September. Mixed US data, including softer job openings but an uptick in US consumer confidence, adds to the uncertainty, keeping gold traders on edge.
Technical Perspective:
XAUUSD hovers between the 3200-3350 range following a bearish breakout of the ascending trend line and channel. An extension of its decline below the 3350 resistance and breakout zone could prompt a retest of the support at 3200, which coincides with the Fibonacci confluence area. Conversely, a break above 3350 with bullish momentum and higher swings shown on the lower timeframes could pave the way for further gains toward the swing high at 3450.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
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.