XAUUSD continues its steady uptrend, currently trading around $2,910 within a parallel price channel. The main driver behind this surge is the expectation that a tariff-driven slowdown in U.S. growth could force the Federal Reserve (Fed) to cut interest rates multiple times this year, leading to a decline in U.S. Treasury yields. This, in turn, has pulled the U.S. dollar (USD) closer to multi-month lows, providing further support for the non-yielding gold price. However, traders may refrain from placing new bullish bets on XAU/USD ahead of this week’s U.S. inflation data release.From a technical perspective, the pair remains bullish, with higher highs and higher lows, signaling strong buying momentum. Additionally, the 34 EMA and 89 EMA continue to support the price, reinforcing the bullish bias.
In the short term, gold may experience some retracement and correction. However, as long as buyers successfully defend this price channel, the overall outlook remains optimistic.
What about you? Are you anticipating further bullish moves?
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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.