Hey traders! Let’s take a quick look at what’s happening with gold as the week wraps up.
Yesterday,
XAUUSD saw a sharp drop during the U.S. session, sliding more than 600 pips. But by this morning, the metal bounced back with a short-term recovery, finding strong support around the $3,342 level.
The move came after U.S. jobless claims data came in higher than expected — a sign that the labor market may be losing steam. That’s fueling speculation that the Fed could move toward cutting interest rates sooner, which tends to weaken the dollar and push gold higher.
On top of that, ongoing global economic uncertainty keeps investors turning to gold as a safe-haven asset.
From a technical standpoint, the $3,340 support zone is still holding firm. If buyers defend this level, the path of least resistance remains to the upside — at least in the short term.
What’s your take? Will gold finish the week stronger or face more pressure? Let’s talk in the comments 💬
Yesterday,
XAUUSD saw a sharp drop during the U.S. session, sliding more than 600 pips. But by this morning, the metal bounced back with a short-term recovery, finding strong support around the $3,342 level.The move came after U.S. jobless claims data came in higher than expected — a sign that the labor market may be losing steam. That’s fueling speculation that the Fed could move toward cutting interest rates sooner, which tends to weaken the dollar and push gold higher.
On top of that, ongoing global economic uncertainty keeps investors turning to gold as a safe-haven asset.
From a technical standpoint, the $3,340 support zone is still holding firm. If buyers defend this level, the path of least resistance remains to the upside — at least in the short term.
What’s your take? Will gold finish the week stronger or face more pressure? Let’s talk in the comments 💬
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✅You can get 7-10 Forex, XAUUSD, Bitcoin...signal every day
✅ Trading knowledge and answers to questions 24/7
✅Completely free.
👉Join by clicking the following link:
t.me/+6a8jSQbpr2tmYWFl
✅ Trading knowledge and answers to questions 24/7
✅Completely free.
👉Join by clicking the following link:
t.me/+6a8jSQbpr2tmYWFl
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.