The current market pulse is still mainly revolving around the Trump-initiated tariff story, with spot 
XAUUSD trading in a fairly narrow range and currently reported at $3,376/oz, down 0.13% on the day. Gold is also awaiting further impact from the Fed's interest rate cut, with a weaker Dollar providing support for non-yielding gold.
Tariff News Update
US President Donald Trump said on Tuesday (August 5) that US tariffs on imported semiconductors and pharmaceuticals will be announced “in about a week”. The progressive tariffs on imported pharmaceuticals could be as high as 250%.
US news agency Bloomberg News said the Trump administration is now preparing to target key economic sectors and pledge to reshape global trade.
“We’re going to start with a lower tariff on drugs, but within a year, not more than a year and a half, it’s going to be 150%, then 250% because we want drugs made in our country,” Trump said in an interview with CNBC on Tuesday. He did not specify what the initial tariff would be.
“We’re going to be announcing measures on semiconductors and chips, which is a different category,” Trump added. However, Trump did not provide further details.
The U.S. Commerce Department has been investigating the semiconductor market since April as it prepares for possible tariffs on an industry with estimated global sales of nearly $700 billion. The U.S. has imposed tariffs on imported cars, auto parts, as well as steel and aluminum under the Trump administration.
Tariffs on imported chips could significantly raise costs for major data center operators, including Microsoft Corp., OpenAI, Meta Platforms Inc. and Amazon.com Inc., which plan to spend billions of dollars on the advanced semiconductors needed to power their artificial intelligence businesses.
On the Fed’s interest-rate path
US job growth in July missed expectations, while nonfarm payrolls data for May and June were revised down significantly, with a combined loss of 258,000 jobs, suggesting a worsening labor market.
Furthermore, San Francisco Fed President Mary Daly said on Monday: "We may need more than two rate cuts, and more is likely." She also noted: "The labor market is not too weak, but it is weakening, and further weakening would be detrimental."
Surprising US labor market data and Daly’s dovish comments have all but confirmed the likelihood of a Fed rate cut in September. According to CME’s FedWatch tool, the market is now pricing in a 90% chance of a Fed rate cut in September.
XAUUSD is often seen as a safe haven asset during times of political and economic uncertainty, and performs better in low-interest-rate environments.
Technical Outlook AnalysisXAUUSD
Gold is still trading in a fairly narrow range yesterday, but the price action is still mainly held above the EMA21 and it still has all the conditions for a possible increase. However, although the range is quite large, the overall situation is still showing a sideways accumulation trend.
Currently, gold is supported by the EMA21, followed by the short-term $3,310 level and the raw price point of $3,300. As long as it remains above the psychological $3,300 level, it is still eligible for a short-term bullish outlook.
Meanwhile, a break above $3,400 would open the door for a new short-term bullish cycle with the next target around $3,430 – $3,450.
On the momentum front, the RSI maintains its price action above 50 and is still far from the overbought zone (80 – 100) suggesting that there is still plenty of room for upside ahead.
During the day, in terms of technical position, gold has unchanged conditions that are inclined to increase in price, and the notable positions will be listed as follows.
Support: 3,350 – 3,340 – 3,310 USD
Resistance: 3,400 – 3,430 – 3,450 USD
SELL XAUUSD PRICE 3431 - 3429⚡️
↠↠ Stop Loss 3435
→Take Profit 1 3323
↨
→Take Profit 2 3317
BUY XAUUSD PRICE 3329 - 3331⚡️
↠↠ Stop Loss 3325
→Take Profit 1 3337
↨
→Take Profit 2 3343
XAUUSD trading in a fairly narrow range and currently reported at $3,376/oz, down 0.13% on the day. Gold is also awaiting further impact from the Fed's interest rate cut, with a weaker Dollar providing support for non-yielding gold.Tariff News Update
US President Donald Trump said on Tuesday (August 5) that US tariffs on imported semiconductors and pharmaceuticals will be announced “in about a week”. The progressive tariffs on imported pharmaceuticals could be as high as 250%.
US news agency Bloomberg News said the Trump administration is now preparing to target key economic sectors and pledge to reshape global trade.
“We’re going to start with a lower tariff on drugs, but within a year, not more than a year and a half, it’s going to be 150%, then 250% because we want drugs made in our country,” Trump said in an interview with CNBC on Tuesday. He did not specify what the initial tariff would be.
“We’re going to be announcing measures on semiconductors and chips, which is a different category,” Trump added. However, Trump did not provide further details.
The U.S. Commerce Department has been investigating the semiconductor market since April as it prepares for possible tariffs on an industry with estimated global sales of nearly $700 billion. The U.S. has imposed tariffs on imported cars, auto parts, as well as steel and aluminum under the Trump administration.
Tariffs on imported chips could significantly raise costs for major data center operators, including Microsoft Corp., OpenAI, Meta Platforms Inc. and Amazon.com Inc., which plan to spend billions of dollars on the advanced semiconductors needed to power their artificial intelligence businesses.
On the Fed’s interest-rate path
US job growth in July missed expectations, while nonfarm payrolls data for May and June were revised down significantly, with a combined loss of 258,000 jobs, suggesting a worsening labor market.
Furthermore, San Francisco Fed President Mary Daly said on Monday: "We may need more than two rate cuts, and more is likely." She also noted: "The labor market is not too weak, but it is weakening, and further weakening would be detrimental."
Surprising US labor market data and Daly’s dovish comments have all but confirmed the likelihood of a Fed rate cut in September. According to CME’s FedWatch tool, the market is now pricing in a 90% chance of a Fed rate cut in September.
XAUUSD is often seen as a safe haven asset during times of political and economic uncertainty, and performs better in low-interest-rate environments.Technical Outlook Analysis
XAUUSD Gold is still trading in a fairly narrow range yesterday, but the price action is still mainly held above the EMA21 and it still has all the conditions for a possible increase. However, although the range is quite large, the overall situation is still showing a sideways accumulation trend.
Currently, gold is supported by the EMA21, followed by the short-term $3,310 level and the raw price point of $3,300. As long as it remains above the psychological $3,300 level, it is still eligible for a short-term bullish outlook.
Meanwhile, a break above $3,400 would open the door for a new short-term bullish cycle with the next target around $3,430 – $3,450.
On the momentum front, the RSI maintains its price action above 50 and is still far from the overbought zone (80 – 100) suggesting that there is still plenty of room for upside ahead.
During the day, in terms of technical position, gold has unchanged conditions that are inclined to increase in price, and the notable positions will be listed as follows.
Support: 3,350 – 3,340 – 3,310 USD
Resistance: 3,400 – 3,430 – 3,450 USD
SELL XAUUSD PRICE 3431 - 3429⚡️
↠↠ Stop Loss 3435
→Take Profit 1 3323
↨
→Take Profit 2 3317
BUY XAUUSD PRICE 3329 - 3331⚡️
↠↠ Stop Loss 3325
→Take Profit 1 3337
↨
→Take Profit 2 3343
Note
Spot gold is back to test the 3368-3373 area, where options positions are concentrated and is considered a “key level”.Note
Temporarily keep this Plan today, if anything changes I will update later.
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🧩Get an average of 1200 pips per month
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🧩Forex signals have a high win rate
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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.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
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.