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GOLD hits $3,435 target, Middle East tensions rise againOANDA:XAUUSD rose to a one-week high as weak U.S. inflation data reinforced market expectations that the Federal Reserve will cut interest rates this year, while conflict in the Middle East boosted safe-haven demand. OANDA:XAUUSD recently hit a fresh one-week high, extending its rally. Spot gold had risen to $3,435 as of press time, after hitting its highest level since June 5. Israeli Prime Minister Benjamin Netanyahu said the operation “will continue until this threat is eliminated.” Iranian state TV reported that the commander of the Islamic Revolutionary Guard Corps, Hussein Salami, had been killed. Iran vowed a “harsh counterattack” against Israel and the United States, while other countries said they were not involved in the operation. Gold is trading near an all-time high of $3,500.10, just shy of $60. Netanyahu said the operation “will last for days to eliminate this threat.” Israel believes the strike killed at least several Iranian nuclear scientists and senior generals, according to a military official. Iranian state TV said Islamic Revolutionary Guard Corps commander Hussein Salami may have been among the dead. Israel's attack on Iran comes after Netanyahu repeatedly warned of attacking the OPEC oil producer to cripple its nuclear program. US and Iranian negotiators are scheduled to hold a new round of talks on Tehran's nuclear program in Oman on Sunday, but Trump said this week he was less confident a deal could be reached. OANDA:XAUUSD extended its recent two-day gains as weak U.S. inflation and jobs data fueled expectations that the Federal Reserve will cut interest rates later this year. A report on Thursday showed U.S. producer price inflation remained subdued in May, while another showed jobless claims continued to rise, hitting their highest level since late 2021. OANDA:XAUUSD has gained 30% this year as investors increasingly turn to gold as a safe-haven asset amid President Trump’s aggressive trade policies and geopolitical tensions, including in Ukraine. Strong demand from central banks and sovereigns has also supported gold prices. Technical Outlook Analysis OANDA:XAUUSD Gold continues to reach the target of $3,435 after reaching the previous upside target at the base of $3,400. Currently, the base of $3,400 becomes the nearest support, while other than the resistance of $3,435, there is no resistance ahead to prevent gold from heading towards the all-time high of $3,500. In terms of momentum, the Relative Strength Index (RSI) is sloping upward, still far from the overbought zone, indicating that there is still plenty of room for further upside ahead. There are no factors that could cause gold to decline during the day, and the notable positions will also be listed as follows. Support: 3,400 – 3,371 USD Resistance: 3,435 – 3,500 USD SELL XAUUSD PRICE 3480 - 3478⚡️ ↠↠ Stop Loss 3384 →Take Profit 1 3472 ↨ →Take Profit 2 3466 BUY XAUUSD PRICE 3373 - 3375⚡️ ↠↠ Stop Loss 3369 →Take Profit 1 3381 ↨ →Take Profit 2 3387
OANDA:XAUUSDLong
by Xayah_trading
GOLD recovers strongly, market will wait for US CPI dataOANDA:XAUUSD rebounded strongly in Asian trading on Wednesday (June 11) after a sharp decline in the New York session on Tuesday. The current gold price is around $3,341/ounce, up nearly $20 on the day. Traders are awaiting the release of the latest US Consumer Price Index (CPI) data for May. Estimates suggest that prices are likely to rise as US households feel the impact of tariffs imposed by the Trump administration. As a result, the Federal Reserve is likely to remain in a wait-and-see mode, keeping interest rates in the range of 4.25%-4.50%." Economists expect the US CPI to rise to 2.5% year-over-year in May from 2.3%, and the core CPI to rise to 2.9% year-over-year from 2.8%. OANDA:XAUUSD rose in Asian trade on Wednesday, even as the US and China said they had agreed on a plan to ease trade tensions during talks in London. According to Bloomberg, easing between the world's two largest economies would be negative for safe-haven assets like gold, and the lack of a decline in gold prices suggests investors are waiting for more developments. Gold prices have risen more than 25% this year as US President Donald Trump’s aggressive tariff policies have changed geopolitical dynamics, prompting central banks to buy gold to divest from US assets. Bloomberg also said investors are looking ahead to Thursday’s US Treasury bond auction and weak demand could boost gold’s appeal as a safe haven. Technical Outlook Analysis OANDA:XAUUSD On the daily chart, after receiving support from the confluence of the EMA21 with the 0.382% Fibonacci retracement, the important support area noted by readers in the previous editions, gold has recovered once again. The short-term upside target remains unchanged at $3,371 of the 0.236% Fibonacci retracement. Meanwhile, the Relative Strength Index (RSI) rising from 50 is also a good signal for bullish momentum, and the large gap between the overbought area and the RSI shows that there is still a lot of room for upside ahead. During the day, as long as gold remains above $3,292, it remains bullish in the short term with targets of $3,371 in the short term, more than the raw price point of $3,400. The positions will also be listed as follows. Support: $3,300 – $3,292 – $3,250 Resistance: $3,371 – $3,400 SELL XAUUSD PRICE 3376 - 3374⚡️ ↠↠ Stop Loss 3380 →Take Profit 1 3368 ↨ →Take Profit 2 3362 BUY XAUUSD PRICE 3249 - 3251⚡️ ↠↠ Stop Loss 3245 →Take Profit 1 3257 ↨ →Take Profit 2 3263
OANDA:XAUUSDLong
by Xayah_trading
GOLD drops more than 20 USD, US-China negotiationsIn the early morning trading session on Tuesday (June 10), the spot price of OANDA:XAUUSD suddenly dropped sharply from around 3,328 USD/ounce to around 3,305 USD/ounce. Bloomberg pointed out that the price of gold fell in the early morning trading session in Asia on Tuesday as both sides in the Sino-US trade talks hinted at their willingness to make concessions. Easing tensions between Washington and Beijing could reduce the appeal of gold Senior officials from the United States and China launched the second round of trade talks in London, the first round since the Geneva meeting in early May. On the afternoon of June 9, local time, the first meeting of the China-US economic and trade consultation mechanism was held in London, UK. On June 10, local time, the first meeting of the China-US economic and trade consultation mechanism will continue. The US delegation, led by Treasury Secretary Benjamin Bessant, was also attended by Commerce Secretary Lutnick and US Trade Representative Greer. Bessant told reporters in London that they had a “good meeting,” while Lutnick called the discussions “productive.” Bloomberg reported that the US side had hinted that it was willing to lift export controls on some technology in exchange for China easing restrictions on rare earth exports. The easing of tensions in the US-China trade war is the main factor currently putting downward pressure on gold, which has risen more than 26% this year. Gold traders are also looking ahead to this week’s US Consumer Price Index (CPI) data to gauge the health of the US economy and predict the trajectory of the Federal Reserve’s interest rate cuts. Technical Outlook Analysis OANDA:XAUUSD After recovering in yesterday's trading session thanks to support from the confluence of EMA21 with the 0.382% Fibonacci retracement, gold has fallen back to test this area in the early trading session today. Gold may continue to face selling pressure in the short term, once the bearish momentum breaks below the 0.382% Fibonacci retracement, then the short term target will be around $3,250 followed by the 0.50% Fibonacci retracement. However, up to now, the technical position still shows the possibility of increasing prices with the support from EMA21 with Fibonacci retracement 0.382% has not been broken, the recovery target is still at 3,350 USD in the short term, then 3,371 USD, an important resistance level which is also the price point of Fibonacci retracement 0.236%. Based on the current position, gold still has a bullish outlook with the possible downside mentioned above, and the notable positions will be listed as follows. Support: 3,300 – 3,292 – 3,250 USD Resistance: 3,350 – 3,371 USD SELL XAUUSD PRICE 3367 - 3365⚡️ ↠↠ Stop Loss 3371 →Take Profit 1 3359 ↨ →Take Profit 2 3353 BUY XAUUSD PRICE 3274 - 3276⚡️ ↠↠ Stop Loss 3270 →Take Profit 1 3282 ↨ →Take Profit 2 3288
OANDA:XAUUSDLong
by Xayah_trading
GBPUSD is relatively stable, main uptrendOANDA:GBPUSD performed relatively steady among major currencies. The UK's avoidance of Trump's new steel and aluminum tariffs supported the pound and market sentiment remained relatively upbeat. The UK releases April GDP and employment data this week, and markets are paying close attention. If the unemployment rate rises, that could drag the pound down; if it shows a healthy labour market, that could push it higher. Bank of England Governor Bailey said he would continue to adopt a “gradual and cautious” interest rate cut strategy, reflecting a cautious stance amid heightened market volatility. The statement was interpreted by the market as hawkish, which helped support the pound. Britain is not a target of Trump’s new tariff policy, and the market believes that the US-UK trade relationship is relatively friendly, which has boosted the British stock market and the pound. The fact that the UK is not affected by Trump’s steel and aluminium tariffs is a positive for the pound, but this week’s jobs data will be key. If unemployment rises in April, it could undermine sterling’s gains. The market is positive about the Bank of England’s cautious monetary policy stance, believing that this will help the pound maintain its strength in the short term. On the daily chart, OANDA:GBPUSD is temporarily capped by the 1.35877 price level of the 0.618% Fibonacci extension and the overall technical outlook remains overwhelmingly bullish. Key supports are seen by the rising price channel and the EMA21, while the bullish RSI has yet to reach overbought levels, suggesting that there is still plenty of room for GBP/USD to move higher in terms of momentum. As long as GBP/USD remains within the price channel, it will remain bullish in the short term, and once GBP/USD breaks above 1.35911, which is the nearest horizontal resistance, it will be eligible to continue its technical rise towards the next target around 1.37104 in the short term. During the day, the bullish outlook of GBP/USD will be noticed by the following technical positions. Support: 1.35015 – 1.34441 Resistance: 1.35877 – 1.35911
Long
by Xayah_trading
Despite some difficulties, EUR is still in an uptrendThe European Central Bank cut interest rates by 25 basis points as expected and said inflation was close to its medium-term target of 2%. Trump's tariff policies have loosened financial conditions, suggesting further easing is likely. This dovish stance has put some pressure on the euro. Preliminary eurozone CPI data for May showed that inflationary pressures slowed more than expected, dragging the euro down. Germany’s manufacturing PMI for May was weaker than expected, suggesting further contraction in the manufacturing sector; France’s services PMI was better than expected, but still in contraction territory. Eurozone economic data has been mixed. European Central Bank President Lagarde said the monetary easing cycle was coming to an end, boosting market confidence in the euro over the medium term. But caution will still be needed about the impact of Trump’s tariff policies on the global economy. While the ECB believes trade tensions have eased, the eurozone is not completely out of the woods. If future economic data remains weak, the euro could face downward pressure. On the daily chart of OANDA:EURUSD after receiving support from the 0.236% Fibonacci retracement level with horizontal support at 1.12038, the recovery momentum has created a significant increase. Specifically, the increase has tested the levels of 1.14744 and 1.14212, please note that in the previous publication about EUR/USD, these levels are also the nearest resistance at present. However, in terms of the overall technical picture, EUR/USD is still in a bullish trend with a break above 1.14744 opening the door for a new bullish cycle with a short-term target of 1.15720. Intraday, the bullish outlook for EUR/USD will be highlighted again by the following price points. Support: 1.13788 – 1.12422 Resistance: 1.14212 – 1.14744
Long
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [Jun 09 - Jun 13]OANDA:XAUUSD fell more than 1% on Friday (June 6) due to the unexpected US non-farm payrolls data for May. Spot gold closed at $3,309.84/oz, up 0.8% on the week. Although gold failed to break above the $3,400/oz resistance and may fluctuate in the $3,300-$3,400/oz range in the short term, the market's resilience and long-term uptrend remain solid. Meanwhile, silver and platinum outperformed, hitting 13-year and 3-year highs, respectively, on investment demand and expectations of supply shortages. Gold prices rose significantly on Monday last week and hovered at highs ahead of the release of non-farm payrolls data from Tuesday to Friday, reaching $3,403.48 an ounce on Thursday. The latest data showed that the US added 139,000 non-farm payrolls in May, beating market expectations of 130,000, the unemployment rate held steady at 4.2% and wage growth beat expectations. This reduced the likelihood of the Federal Reserve cutting interest rates in the near future, pushing the US dollar and US bond yields higher and putting pressure on gold prices. OANDA:XAUUSD received initial support above 3,300 USD/ounce, indicating that the market still has buying support, but the resistance level of 3,400 USD/ounce is difficult to overcome in the short term and 3,200 USD/ounce is the main support level, more detailed technical analysis will be sent to readers in the following part of the article. However, since the raw price points are still related to fundamental analysis, I personally think that the price declines can be seen as an opportunity for gold to hold at lower prices, the long-term uptrend is fundamentally unchanged and central bank gold buying and a weaker dollar will continue to support gold prices. Despite the rise in risk assets such as stocks, gold has shown resilience. Central bank demand for diversified reserves and market risk appetite will continue to support gold prices, underscoring its appeal as a safe-haven asset. Market Background and Outlook The labor market is slowing steadily and the Federal Reserve is likely to continue to wait and see, with the likelihood of a near-term rate cut low. The May CPI data next Wednesday (June 11) will be in focus. If CPI rises, it will push the US Dollar higher and further depress gold prices. If CPI is weak, it could help push gold prices higher. Geopolitical and trade factors: Trump's call with Xi Jinping on Thursday did not bring any clear progress on trade. If the tariff news worsens, this could boost demand for gold as a safe haven. On the other hand, the outlook for the Middle East-US, Ukraine-Russia talks is also not getting any better, any negative signs on the geopolitical front next week will also boost gold prices to recover. Economic data and events next week Wednesday: US Consumer Price Index (CPI) Thursday: US Producer Price Index (PPI), Weekly Jobless Claims Friday: University of Michigan Consumer Sentiment Index 📌Gold prices fell sharply on Friday as it retested the $3,371 target level, which is the 0.236% Fibonacci retracement level, but failed to break it. The bearish momentum took gold towards an area where there are several important supports such as the $3,300 price point and the confluence of the 0.382% Fibonacci retracement level with the 21-day EMA. Although gold has fallen, its current position still has enough conditions for bullish expectations in the near term. And in terms of momentum, the Relative Strength Index (RSI) is still above 50, and in this case, 50 is considered the nearest momentum support. As long as gold remains in/above the price channel, its main long-term trend is still bullish, in the short term if gold remains above the base price of 3,300 USD, it still has an upside target at 3,371 USD followed by the base price of 3,400 USD. Notable technical levels are listed below. Support: 3,300 – 3,292USD Resistance: 3,350 – 3,371 – 3,400USD SELL XAUUSD PRICE 3345 - 3343⚡️ ↠↠ Stop Loss 3449 BUY XAUUSD PRICE 3227 - 3229⚡️ ↠↠ Stop Loss 3223
OANDA:XAUUSDLong
by Xayah_trading
GOLD recovers to $3,371, biggest data day of the weekOANDA:XAUUSD maintained its intraday recovery trend and the current gold price is around 3,371 USD/ounce, retesting the initial target increase sent to readers in the weekly publication. In this trading day, investors will focus on the US non-farm payroll data, which is expected to trigger major market movements. Today (Friday), the US Bureau of Labor Statistics will release the highly anticipated non-farm payroll data for May. The market expects 130,000 new jobs and the unemployment rate to remain unchanged at 4.2%. On Wednesday, the ADP jobs report, also known as the “mini-non-farm,” showed the smallest number of jobs created by the U.S. private sector in two years. The report could be a precursor to a negative non-farm payrolls report. Payroll processor ADP reported on Wednesday that private sector payrolls increased by just 37,000 in May, down from a revised 60,000 in April and below the Dow Jones forecast of 110,000. It was the smallest monthly job gain since March 2023, according to ADP. The U.S. Department of Labor reported on Thursday that initial jobless claims unexpectedly rose last week as concerns about the labor market mounted. The data showed initial jobless claims hit 247,000 in the week ended May 31, up 8,000 from the previous week and above the 236,000 expected in a Dow Jones survey. If non-farm payrolls data released today is much worse than expected, it could weigh on the U.S. dollar and send gold prices soaring. Technical Outlook Analysis OANDA:XAUUSD On the daily chart, after making a fresh weekly high and correcting lower yesterday, gold has recovered to reach its initial target at $3,371, the price point of the 0.236% Fibonacci retracement. Following the uptrend, gold is likely to head towards the full price point of $3,400 in the short term, rather than $3,435. Currently, the technical structure has not changed much with the uptrend completely dominating the technical chart. And the notable price points will also be listed as follows. Support: 3,350 – 3,326 – 3,300USD Resistance: 3,400 – 3,435USD SELL XAUUSD PRICE 3412 - 3410⚡️ ↠↠ Stop Loss 3416 →Take Profit 1 3404 ↨ →Take Profit 2 3398 BUY XAUUSD PRICE 3301 - 3303⚡️ ↠↠ Stop Loss 3297 →Take Profit 1 3309 ↨ →Take Profit 2 3315
OANDA:XAUUSDLong
by Xayah_trading
GOLD trades around target of 3,371 USD, positive outlookOANDA:XAUUSD rose significantly, retesting the $3,371 target as weak US economic data and a weaker dollar were the main reasons for the rise in gold prices. The market is also struggling to cope with growing political and economic uncertainties. OANDA:XAUUSD recovered from yesterday's session low of $3,343/oz after ISM and ADP reports confirmed a slowdown in the US economy. Meanwhile, US President Donald Trump signed an executive order to increase tariffs on steel and aluminum from 25% to 50%, effective from June 4, escalating trade tensions. Federal Reserve officials remain cautious on easing policy; markets await initial jobless claims and nonfarm payrolls data for further policy clues. The first major data release on Wednesday, the ADP jobs report, dubbed the “mini-nonfarm,” showed the number of private jobs created in the United States was the lowest in two years. Payroll processor ADP reported on Wednesday that private-sector job creation nearly stalled in May, hitting its lowest level in more than two years amid signs of labor market weakness. Jobs increased by just 37,000 in the month, down from a revised 60,000 in April and below Dow Jones' forecast of 110,000. This was the lowest monthly job gain since March 2023, according to ADP statistics. Following the ADP private sector jobs report, US President Trump immediately urged Federal Reserve Chairman Powell to cut interest rates in a furious manner. Trump posted on Truth Social: "ADP data is out!!! Powell, who is 'too late', must cut interest rates now." Trump's order to double tariffs on steel and aluminum imports has taken effect, and the White House has confirmed rumors that it has asked trading partners to submit their "best offer" by Wednesday to avoid higher tariffs. Gold is considered a safe haven from political and economic uncertainty and typically performs well in low-interest-rate environments. This Friday, the US Bureau of Labor Statistics will release its highly anticipated non-farm payrolls data, with markets expecting 125,000 new jobs and the unemployment rate to remain unchanged at 4.2%. Technical Outlook Analysis OANDA:XAUUSD Gold continues to hit the first bullish target of note to readers in the past 2 weeks at $3,371, the price point of the 0.236% Fibonacci retracement. Currently, gold is also trading around this level, with price action above $3,371 opening the door for a new bullish outlook and the next target around $3,400 in the short term. In terms of momentum, gold still has a lot of room to rise as the RSI is operating above 50 pointing upwards but still far from overbought territory, which should be considered a bullish signal in the coming trading session. There are no technical factors that suggest the possibility of a decline becoming a specific trend, the declines as long as gold remains within/above the price channel should only be considered as a short-term correction or a buying opportunity. Meanwhile, the nearest support is the confluence of the EMA21 with the 0.382% Fibonacci retracement and the short-term trend is highlighted by the price channel. Finally, the bullish outlook for gold prices during the day will be highlighted by the following positions. Support: 3,350 – 3,326 USD Resistance: 3,400 – 3,435 USD SELL XAUUSD PRICE 3412 - 3410⚡️ ↠↠ Stop Loss 3416 →Take Profit 1 3404 ↨ →Take Profit 2 3398 BUY XAUUSD PRICE 3299 - 3301⚡️ ↠↠ Stop Loss 3295 →Take Profit 1 3307 ↨ →Take Profit 2 3313
OANDA:XAUUSDLong
by Xayah_trading
GOLD falls then recovers slightly, markets eye jobs dataMainly due to the strengthening of the TVC:DXY , OANDA:XAUUSD have fallen sharply from a near four-week high, with a one-day drop of nearly $30 on Tuesday and a slight recovery in today's Asian trading session on Wednesday, June 4. DXY rebounded from its lowest level in more than a month hit earlier in the session on Tuesday and ended the day up 0.6%, which put some minor pressure on gold in yesterday's session. The U.S. Bureau of Labor Statistics' Employment and Labor Turnover Survey (JOLTS) released on Tuesday showed that total job vacancies in the United States reached 7.39 million in April, up from 7.2 million in March. Economists had expected job vacancies in the United States to be 7.1 million in April. OANDA:XAUUSD fell on Tuesday as a surprise rise in U.S. job vacancies boosted risk appetite and helped the dollar strengthen, according to Bloomberg. The rise in job vacancies encouraged investors to believe that the U.S. economy remains resilient despite the threat of U.S. President Trump’s tariff agenda. Looking ahead, U.S. employment data, including Friday’s May nonfarm payrolls report, could help guide the Federal Reserve’s monetary policy, Bloomberg said. Lower interest rates are generally good for non-interest-bearing gold. Gold traders will be looking ahead to key employment data, including the ADP and nonfarm payrolls reports, to determine the Fed’s policy path. In terms of technical structure, there are no changes to the chart or previous analysis so readers can review it in the previous publication. SELL XAUUSD PRICE 3412 - 3410⚡️ ↠↠ Stop Loss 3416 →Take Profit 1 3404 ↨ →Take Profit 2 3398 BUY XAUUSD PRICE 3299 - 3301⚡️ ↠↠ Stop Loss 3295 →Take Profit 1 3307 ↨ →Take Profit 2 3313
OANDA:XAUUSDLong
by Xayah_trading
GOLD surges to hit $3,371 target, continues to aim for $3,400OANDA:XAUUSD rose nearly 3% as US President Trump's tariff threats ratcheted up trade tensions, spurring investor demand for safe-haven assets and sending the dollar sharply lower. US President Trump said on Friday he would raise tariffs on steel and aluminium imports from the US to 50% from the current 25% starting June 4. This has once again disrupted international trade, Reuters reported. A European Commission spokesperson expressed deep regret over the US announcement that it would raise tariffs and said the EU was ready to take countermeasures. Gold prices surged on Monday to a more than four-week high and continued to rise early this morning (Tuesday, June 3) as geopolitical risks from the conflict between Russia and Ukraine escalated as US President Donald Trump continued to threaten tariffs. Trump doubled tariffs on steel and aluminum imports to 50%, effective June 4, adding to jitters in global markets. Ukraine launched its biggest drone attack since the war against Ukraine on Sunday, targeting a wide swath of Russian air bases on the eve of a second round of direct talks between the two countries. The drones, hidden in trucks, penetrated deep into Russia and hit strategic airfields as far away as eastern Siberia. At the same time, Moscow launched one of its longest drone and missile strikes on Kiev. In key US data on Monday, the ISM Manufacturing Purchasing Managers’ Index (PMI) for May showed a contraction in business activity. The ISM Manufacturing Purchasing Managers’ Index for May came in at 48.5, down from 48.7 in April, the lowest reading since November. Investors will also be closely watching comments from Federal Reserve policymakers this week for clues on the path of U.S. interest rates. Gold tends to benefit in low-interest-rate environments and times of geopolitical tension. Technical Outlook Analysis OANDA:XAUUSD After reaching the target increase at 3,371 USD, gold temporarily decreased slightly but overall it has enough conditions to continue to increase in price towards the next target at 3,400 USD in the coming time. In the short term, gold also formed an upward price channel, which is noted by the price channel, describing the short-term technical trend. Meanwhile, in terms of momentum, RSI is operating above 50, still quite far from the overbought area, showing that there is still a lot of room for growth ahead. For the day, the main outlook for gold is bullish, any pullbacks that fail to break below the confluence of the EMA21 with the 0.382% Fibonacci retracement should be considered only as a short-term correction, or a fresh buying opportunity. Finally, the short-term bullish trend for gold will be focused again on the following positions. Support: 3,326 – 3,300 – 3,292 USD Resistance: 3,371 – 3,400 – 3,435 USD SELL XAUUSD PRICE 3412 - 3410⚡️ ↠↠ Stop Loss 3416 →Take Profit 1 3404 ↨ →Take Profit 2 3398 BUY XAUUSD PRICE 3324 - 3326⚡️ ↠↠ Stop Loss 3320 →Take Profit 1 3332 ↨ →Take Profit 2 3338
OANDA:XAUUSDLong
by Xayah_trading
GOLD expected to rebound, key trends, jobs data This week, we have the facts that Trump has stirred up the market, Powell has not changed his stance. With the biggest data of the week, the US Non-Farm Payrolls, to be released, the price of OANDA:XAUUSD is expected to rise again after a week of consolidation. Last Week in News After weeks of tariff-easing talks that sent U.S. stocks soaring, Wall Street has once again been caught up in the constant flux surrounding Trump’s trade regime. This week, a U.S. court also questioned the legality of the White House’s tariffs on global trading partners as the Trump administration ramps up its policy plans. Market sentiment took a turn for the worse on Friday following news about tariffs. US media reported that the White House plans to impose broader sanctions on some foreign technology industries. In addition, Trump said that starting next week, tariffs on imported steel will increase from 25% to 50%. In addition to the tariff headlines, traders also had to contend with weakening US economic data. US consumer spending slowed after recording its strongest month of growth since early 2023 in April. Here are the events markets will focus on in the new week • Next week, Federal Reserve Chairman Powell and several members of the board and voting members will speak. • Trump met with Powell for the first time in his second term, and Powell continued to emphasize the independence of monetary policy. The US core PCE inflation rate was 2.1% year-on-year in April, slightly below the expected 2.2%. While that bolsters the case for a rate cut, Fed officials have reiterated their patient stance. Minutes from the May FOMC meeting confirmed that policymakers considered the current economic situation sufficient to delay policy action. Despite the weakening sentiment, traders are still betting on a September rate cut from the Federal Reserve. Key Data: Non-farm data in focus this week The focus of next week’s data will be non-farm payrolls on Friday. The pace of hiring in the US is likely to have slowed in May as households became more cautious, businesses reconsidered investment plans amid shifting trade policies and employers focused on controlling costs. Economists are forecasting a gain of 125,000 in May, according to the median in a Bloomberg survey, after job gains beat expectations in March and April. That would keep the average gain over the past three months at a solid 162,000. The unemployment rate remains at 4.2%. Fed officials are also waiting for clarity on how trade and tax policies will affect the economy and inflation, so they are likely to be cautious about the labor market report. Technical Outlook Analysis OANDA:XAUUSD On the daily chart, gold has been mostly sideways despite the volatility over the past week. The sharpest drop saw gold test the $3,250 support level before recovering to close the week around the confluence of the EMA21 and the 0.382% Fibonacci retracement. On the big picture, gold is still technically bullish with the channel as the main trend, while the near-term supports are the $3,250 level followed by the 0.50% Fibonacci retracement. A sustained move above $3,300 would be viewed as a positive factor going forward. On the momentum front, the Relative Strength Index (RSI) remains above 50, which in this case acts as momentum support and is still well away from overbought territory so there is still room for upside. The weekly target is the 0.236% Fibonacci retracement level in the short term, rather than the raw price point of $3,400. As long as gold remains within the channel, its main technical trend is bullish, and any declines that do not take gold below the channel should be considered short-term corrections rather than a specific trend. Next week, the technical bullish outlook for gold will be focused again on the following positions. Support: $3,250 – $3,228 Resistance: $3,371 SELL XAUUSD PRICE 3337 - 3335⚡️ ↠↠ Stop Loss 3341 →Take Profit 1 3329 ↨ →Take Profit 2 3323 BUY XAUUSD PRICE 3246 - 3248⚡️ ↠↠ Stop Loss 3242 →Take Profit 1 3254 ↨ →Take Profit 2 3260
OANDA:XAUUSDLong
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [Jun 02 - Jun 06]During the week, OANDA:XAUUSD fluctuated in the range of 3,245 - 3,331 USD/oz and closed the week at 3,289 USD/oz. The reason for the sideways gold price was due to the lack of strong information. The US Court of International Trade's ruling on blocking the Trump administration's tariff policy was postponed, while the US PCE index in April increased by only 2.5%, down from the previous month, not enough to influence the FED's policy in the context of prolonged trade instability. If the Court continues to block the tariffs, President Trump can still use several laws to maintain the tariffs: 🔹Section 122 - Trade Act of 1974: Allows for a 15% across-the-board tariff for 150 days; then requires congressional approval to extend. 🔹Section 338 - Trade Act of 1930: Allows for tariffs of up to 50% on goods from countries deemed to discriminate against the United States. 🔹Section 232 - Trade Expansion Act of 1962: Allows for the expansion of tariffs from items such as aluminum, steel, and automobiles to other industries on national security grounds. US Treasury Secretary Scott Bessent said that US-China trade negotiations are still at a standstill due to many complicated issues, requiring direct intervention from the leaders of the two countries. Although the tariff war is still complicated, the most tense phase has passed. Therefore, in the short term, gold prices are unlikely to exceed the $3,500/oz mark and will likely continue to adjust and accumulate in the $3,100-$3,400/oz range. Although gold prices are currently stuck in a range, the US economic data released next week, especially the May non-farm payrolls (NFP) report on Friday, could cause a sharp move. The NFP is forecast to come in at 130,000 jobs, down from 177,000 in April. If true, this could reinforce expectations that the Fed will cut interest rates to support the labor market, thereby supporting gold prices. Conversely, if the NFP is stronger than expected, especially higher than last month, the Fed could keep interest rates unchanged, putting downward pressure on gold prices. 📌Technically, on the H4 chart, gold prices are almost moving sideways in a narrowing range, the resistance level is established around 3325 while the support level is around 3245. Next week, gold prices are likely to increase slightly if economic and geopolitical factors continue to support, corresponding to the H1 technical chart, gold prices will increase to 3365-3415 if the price breaks through the Downtrend line and breaks the resistance zone of 3325. In case the gold price falls below the support zone of 3245, the gold price will reverse and decrease. Notable technical levels are listed below. Support: 3,250 – 3,228USD Resistance: 3,300 – 3,371USD SELL XAUUSD PRICE 3327 - 3325⚡️ ↠↠ Stop Loss 3431 BUY XAUUSD PRICE 3203 - 3205⚡️ ↠↠ Stop Loss 3199
OANDA:XAUUSDShort
by Xayah_trading
GOLD eases, fundamental support and technical momentumOANDA:XAUUSD fell in early Asian trading on May 30 after Thursday's gains, although it still had room to rise as weak US initial jobless claims data weighed on the US dollar and Trump's tariffs faced more uncertainty. Gold recovered from a weekly low of $3,245 an ounce on Thursday to break above the $3,300 an ounce mark as weak US initial jobless claims data weighed on the US dollar. As of press time, gold had fallen below the full price of $3,300, down $23 on the day and around 0.69% . The number of Americans filing new claims for unemployment benefits rose more than expected last week, adding to pressure on the Federal Reserve to consider cutting interest rates. Data released on Thursday showed the number of Americans filing new claims for unemployment benefits rose last week, exceeding market expectations. The data showed initial jobless claims in the United States rose by 14,000 to 240,000 in the week ended May 24, compared with estimates of 230,000. According to the minutes of the Federal Reserve's May 6-7 meeting, policymakers acknowledged that they could face "difficult trade-offs" in the coming months, as both inflation and unemployment rise, raising the risk of a recession. Since gold does not yield interest, it typically performs well in low-interest-rate environments. Trump Tariff Ruling Overturned A U.S. trade court ruled on Wednesday that the president lacked the authority to impose tariffs, blocking most of Trump's tariffs, but on Thursday a federal appeals court agreed to the Trump administration's request to suspend the court's ruling. The U.S. government's request for an immediate administrative stay was granted, and the rulings and permanent injunctions issued by the U.S. Court of International Trade in these cases will be temporarily suspended until further notice while the court reviews the relevant motion documents, the Court of Appeals for the Federal Circuit said in its ruling. Investors will focus on the US personal consumption expenditure (PCE) price index, the Federal Reserve's preferred inflation gauge, on Friday. Gold is seen as a hedge against inflation during times of economic uncertainty, and higher-than-expected PCE data would benefit the US dollar and reduce the appeal of gold, leading to a possible decline in prices. The opposite effect would be seen if PCE data were lower than expected, which would increase the likelihood of an early rate cut by the Fed, leading to a depreciation of the dollar and gold benefiting from expectations of a low-interest rate environment. Technical outlook for OANDA:XAUUSD On the daily chart, gold is down but currently the downside momentum has been limited by the initial support area which is the confluence of EMA21 with Fibonacci retracement 0.382%, this support area has been noted by readers in the publications since the beginning of this trading week. Temporarily, gold does not have enough technical conditions to be able to increase in price in the short term, because it is still under pressure from the price channel. However, in terms of the overall and long-term trend, gold still has a main trend of increasing price, a trend noted by the price channel. In terms of momentum, the Relative Strength Index (RSI) is still holding above 50, with the current RSI position at 50 being considered as the nearest support in terms of momentum. A sustained price action above the 3,300ISD price point would be considered a positive signal, while a break above the channel would qualify the bulls for a short-term target of 3,371USD. For the day, the technical outlook for gold is bullish and the key points to watch are listed below. Support: 3,292USD – 3,250USD Resistance: 3,371USD SELL XAUUSD PRICE 3342 - 3340⚡️ ↠↠ Stop Loss 3346 →Take Profit 1 3334 ↨ →Take Profit 2 3328 BUY XAUUSD PRICE 3203 - 3205⚡️ ↠↠ Stop Loss 3199 →Take Profit 1 3211 ↨ →Take Profit 2 3217
OANDA:XAUUSDLong
by Xayah_trading
US court blocks Trump tax plan, GOLD falls sharplyOANDA:XAUUSD was sold off heavily in early morning trading on Thursday (May 29), with the price of gold falling to around $3,246/ounce, down more than $40 on the day. Bloomberg reported that gold prices fell for the fourth consecutive day as the market digested news that a US trade court had blocked Trump's global tariff program. Gold prices fell 2% in the previous three trading days. On Wednesday local time, a US federal court blocked the tariff policy announced by US President Trump on April 2, "Liberation Day", and ruled that Trump exceeded his authority and imposed comprehensive tariffs on countries that export more to the United States than they import. The Court of International Trade in Manhattan said the US Constitution gives Congress the exclusive power to regulate trade with other countries, and the emergency powers the president declared to protect the US economy do not override those powers. The lawsuit was filed by the Liberty Center for Justice, a non-profit, nonpartisan litigation organization in the United States, on behalf of small American businesses affected by the tariffs. It is the first major legal challenge to Trump’s tariff policies. The U.S. Court of International Trade has ruled that most of Trump’s tariffs are illegal, sending the dollar even higher. A stronger dollar makes gold less attractive to buyers of safe-haven assets. The Trump administration has filed a notice to appeal the ruling. The US Supreme Court is likely to have the final say in the landmark case, which could affect trillions of dollars in global trade. The court's ruling dealt a blow to a pillar of the Republican Party's economic agenda and could reduce gold's appeal as a safe-haven asset. Technical Outlook Analysis OANDA:XAUUSD On the daily chart, gold will recover soon after falling to the important support level of 3,250 USD, note that you have read in the previous issues. However, falling below the Fibonacci 0.382% level with EMA21 is a negative signal for bullish expectations as this area becomes the nearest resistance. But overall, gold is still in an uptrend with the channel as the main trend. Meanwhile, the Relative Strength Index (RSI) is approaching the nearest support at 50, an upward bend from this level would be considered a positive signal in terms of momentum. As long as gold remains in/above the channel, I remain bullish and the notable positions are listed below. Support: 3,250 – 3,228 USD Resistance: 3,392 – 3,300 – 3,371 USD SELL XAUUSD PRICE 3292 - 3290⚡️ ↠↠ Stop Loss 3296 →Take Profit 1 3284 ↨ →Take Profit 2 3278 BUY XAUUSD PRICE 3203 - 3205⚡️ ↠↠ Stop Loss 3199 →Take Profit 1 3211 ↨ →Take Profit 2 3217
OANDA:XAUUSD
by Xayah_trading
1
FOMC minutes, GOLD market may see strong volatilityIn the Asian session, spot OANDA:XAUUSD recovered slightly after yesterday's sharp decline. Gold prices are currently holding price action around the 0.382% Fibonacci retracement level, the nearest support point. On this trading day, investors will look at the Federal Reserve meeting minutes, which are expected to cause major volatility in the gold market. On Tuesday, as the Trump administration once again released positive information on trade, the market's risk appetite recovered, reducing demand for safe-haven assets such as gold. On Thursday, the US Federal Open Market Committee (FOMC) will release the minutes of its May monetary policy meeting. At its May 7 monetary policy meeting, the FOMC kept its policy rate unchanged at 4.25%-4.50%, marking the third consecutive time this year. Federal Reserve Chairman Powell continued to maintain his "no rush to cut interest rates" stance. The minutes released this time record the FOMC's detailed views on monetary policy and provide clues to the future direction of interest rate policy. Economists generally believe that with few clear signs of stress in the labor market, Fed officials will be happy to keep rates on hold until changes in trade policy are reflected in the data, and the minutes are expected to reinforce that view. There is a possibility that the tone of the minutes will be more hawkish than expected, which could support the US dollar to some extent, thereby affecting gold prices, but overall it will not create strong pressure. But these are all predictions because I cannot predict what will be in the content of the US FED FOMC minutes, and all the content in the FOMC minutes will be directly reflected in the gold price. Traders need to pay special attention to this event on this trading day. Technical outlook analysis of OANDA:XAUUSD On the daily chart, gold is still struggling to trade above the confluence area as initial support with the emergence of the 21-day moving average (EMA21) with the 0.382% Fibonacci retracement. The technical structure has hardly changed significantly with the trend still tilted to the upside. Holding above the $3,300 base point would be a good sign, on the other hand the $3,371 target would remain as a near-term upside target and a break of the 0.236% Fibonacci retracement on gold would provide the technical conditions for the next upside target around $3,400 in the near-term, followed by $3,435 more than the all-time high of $3,500. The relative strength index RSI is above 50, which is also a good signal in terms of momentum, from the RSI we can see that there is still a lot of room for growth ahead. During the day, the bullish outlook for gold prices will be noticed by the following technical positions. Support: 3,292 – 3,250 USD Resistance: 3,300 – 3,371 USD SELL XAUUSD PRICE 3365 - 3363⚡️ ↠↠ Stop Loss 3369 →Take Profit 1 3357 ↨ →Take Profit 2 3351 BUY XAUUSD PRICE 3263 - 3265⚡️ ↠↠ Stop Loss 3259 →Take Profit 1 3271 ↨ →Take Profit 2 3277
OANDA:XAUUSDLong
by Xayah_trading
1
Narrow trading range, medium and long term outlook is bullishGeopolitical tensions have pushed gold prices higher, with the medium- to long-term outlook still pointing to upside potential, and a recovery in Chinese demand could provide potential support. OANDA:XAUUSD edged up in early Asian trade on Tuesday. Russia recently launched its largest-ever drone and missile attack on Ukraine, ignoring President Trump’s call to stop the bombing, according to Ukrainian officials. Gold prices fell nearly 1% On Monday, international gold prices were under pressure and fell nearly 1%. Affected by US President Trump's decision to postpone the imposition of a 50% tariff on EU goods, the market's risk-off sentiment has cooled significantly, and the appeal of gold as a traditional safe-haven asset has weakened. The most actively traded June 2025 gold futures closed at $3,342.2/ounce, down $23.6 (-1.45%) on the day, with intraday fluctuations ranging from $3,322.9 to $3,356. Due to the Memorial Day holiday in the United States, COMEX did not announce settlement prices on that day, and the UK and US markets were closed at the same time. Policy changes affect short-term trends, narrow-range trading is likely to bring big changes Trump’s extension of the US-EU trade talks deadline from June 1 to July 9 has directly undermined the market’s safe-haven demand for gold. The holiday-induced liquidity crunch has further exacerbated price volatility. The move is in stark contrast to gold’s performance last Friday, when the OANDA:XAUUSD price recorded its biggest one-day gain in six weeks as Trump threatened to impose tariffs on EU goods and Apple’s iPhones. Geopolitical risks have not disappeared and institutions remain bullish on the outlook Reasons include the ongoing changes in US tariff policy, the continued escalation of the Ukraine geopolitical crisis and fiscal concerns. Data shows that Russia has launched airstrikes on Ukraine for three consecutive nights, including the largest attack since the conflict began in 2022, and the intensity of the war has not abated. With what is available in terms of trade, geopolitical and monetary policy risks, gold still has a lot of upside potential in the coming period. China’s demand is showing signs of recovery, which could be the latest factor The latest trade data showed that mainland China’s gold imports via Hong Kong in April hit their highest level since March last year. The recovery in physical gold purchases in Asia could support lower gold prices, especially amid increasingly volatile investment demand in the West. Technical Outlook Analysis OANDA:XAUUSD Gold traded in a fairly narrow range in the early Asian session today, Tuesday (May 27), with technical conditions still leaning towards the upside, with spot gold currently trading around $3,341/oz. After falling from $3,371, the target price point is the price point of the temporary 0.236% Fibonacci retracement. The bullish momentum of gold prices remains unaffected as the nearest support is the confluence of the (EMA21 with the 0.382% Fibonacci retracement). On the other hand, the Relative Strength Index (RSI) remaining above 50 should be considered a positive signal as the RSI is still quite far from the overbought zone indicating that there is still room for upside ahead. Next, if gold breaks above $3,371 it will be in a position to continue its rally towards the short-term target of $3,400, more so $3,435 and then the all-time high of $3,500. As long as gold remains above the EMA21, it still has a short-term bullish outlook, and the long-term trend continues to be noticed by the price channel. During the day, the gold price's bullish trend will be interested by the following technical positions. Support: 3,300 – 3,292 – 3,250 USD Resistance: 3,371 – 3,400 – 3,435 USD SELL XAUUSD PRICE 3391 - 3389⚡️ ↠↠ Stop Loss 3395 →Take Profit 1 3383 ↨ →Take Profit 2 3377 BUY XAUUSD PRICE 3283 - 3285⚡️ ↠↠ Stop Loss 3279 →Take Profit 1 3291 ↨ →Take Profit 2 3297
OANDA:XAUUSDLong
by Xayah_trading
3
GOLD rises impressively after mid-May declineUS President Trump once again used tariffs and the market's risk-off sentiment suddenly heated up. OANDA:XAUUSD jumped nearly 2% on Friday and the weekly gain reached nearly 5%. OANDA:XAUUSD has grown impressively after a sharp decline in mid-May, taking advantage of safe-haven flows, the recovery was mainly due to growing investor concerns about the sustainability of US government debt. The market will likely continue to react to headlines surrounding the difficult US fiscal situation, trade relations and geopolitics. On Friday local time, US President Trump said on his social media platform "Real Social" that he proposed to impose a 50% tariff on the European Union from June 1. Trump wrote that the main purpose of the establishment of the European Union was to "take advantage of the United States on trade". In addition, on Friday local time, Trump posted on "Real Social" that he had long told Apple CEO Tim Cook that he expected Apple's iPhones sold in the United States to be produced and manufactured in the United States, not in India or anywhere else. Trump said that otherwise, Apple would have to pay at least a 25% tariff to the United States. Assessing the situation surrounding Trump "Trump has been vocal in the past 24 hours, threatening to impose 50% tariffs on the European Union starting June 1, imposing major sanctions on Apple and taking on Harvard University, all of which have weighed on stocks but boosted gold prices. Recurrent tariff concerns, coupled with low liquidity ahead of the long weekend, could exacerbate volatility." Technical Outlook Analysis OANDA:XAUUSD On the daily chart, gold has achieved its initial upside target at $3,371 which is the technical confluence of the 0.236% Fibonacci retracement with the upper edge of the price channel after receiving support from the confluence of the EMA21 with the 0.382% Fibonacci retracement. In the short term, if gold breaks $3,371 it will tend to continue its bullish trend with the next target being $3,400 in the short term, more so than the last $3,435 which is the all-time high of $3,500. As long as gold remains within/above the channel, the overall trend outlook is bullish, and the immediate support is currently around the $3,300 raw price point area with the 0.382% Fibonacci retracement level and EMA21. In case of a sell-off below $3,292, gold could still find short-term support at the $3,250 technical point and the 0.50% Fibonacci retracement level. In terms of momentum, the Relative Strength Index (RSI) is pointing up from around the 50 mark, with the RSI still well above the overbought zone, suggesting room for further upside. Looking ahead, the overall technical outlook for gold is bullish, with key points to watch out for as follows. Support: $3,300 – $3,292 – $3,250 Resistance: $3,371 – $3,400 – $3,435 SELL XAUUSD PRICE 3391 - 3389⚡️ ↠↠ Stop Loss 3395 →Take Profit 1 3383 ↨ →Take Profit 2 3377 BUY XAUUSD PRICE 3299 - 3301⚡️ ↠↠ Stop Loss 3295 →Take Profit 1 3307 ↨ →Take Profit 2 3313
OANDA:XAUUSDLong
by Xayah_trading
GOLD MARKET ANALYSIS AND COMMENTARY - [May 26 - May 30]This week, the price of OANDA:XAUUSD increased from 3,204 USD/oz to 3,365 USD/oz, and closed the week at 3,357 USD/oz. The reason for the increase in gold price this week is due to: 🔹Moody's downgrades US credit rating, causing USD to fall. 🔹Unsuccessful US bond auction raises concerns about economic instability. 🔹President Trump threatens to raise tariffs on European goods, raising concerns about trade war. 🔹Escalating tensions in Ukraine, Middle East, increasing demand for safe haven gold. Gold prices next week may fluctuate in both directions, meaning they will adjust and accumulate to wait for the results of US-China trade negotiations, US economic data, and whether Mr. Trump will decide to impose tariffs on Europe or not? Next week, the US will release many important economic data, including: ➡️Durable Goods Orders (Tuesday), ➡️Minutes of the FED's May Policy Meeting (Wednesday), ➡️PCE Inflation Index (Friday). With the Trump administration's tariff policy, inflationary pressures in the US have been under a lot of pressure. If the core PCE index in April increases more than expected, it may cause the FED to continue to keep interest rates unchanged at its July meeting. In this scenario, the USD may increase again, causing gold prices to be under pressure to adjust next week. However, gold prices next week will hardly decrease sharply if the PCE increases, because gold prices next week are still supported by other factors such as tariffs, geopolitical conflicts, etc. 📌Technically, on the H4 chart, gold prices are starting to break the Downtrend line and tend to move closer to the resistance level of 3432. Meanwhile, support is established around the dynamic resistance level of 3300. The gold price trend next week is likely to lean towards a slight increase scenario provided that the USD does not recover strongly and geopolitical tensions continue. However, investors need to be cautious with corrections due to profit-taking or sudden changes due to macroeconomic information. Gold prices next week may fluctuate in the range of 3300-3450. Notable technical levels are listed below. Support: 3,300 – 3,292 – 3,250USD Resistance: 3,371 – 3,400 – 3,435USD SELL XAUUSD PRICE 3451 - 3449⚡️ ↠↠ Stop Loss 3455 BUY XAUUSD PRICE 3299 - 3301⚡️ ↠↠ Stop Loss 3295
OANDA:XAUUSDLong
by Xayah_trading
GOLD ends 3 consecutive days of increase, still positiveOANDA:XAUUSD fell on Thursday (May 22), ending a three-day winning streak and continued to decline slightly in early Asian trading today (May 23), mainly due to a recovery in the US dollar and profit-taking by investors after gold prices hit a two-week high. However, the outlook for gold prices remains positive due to geopolitical conflicts. Sources revealed that Israel is preparing to attack Iran's nuclear facilities if negotiations between Iran and the United States fail. Readers can review these specific news in previous editions or regular short updates. Data released by S&P Global on Thursday showed that the preliminary reading of the U.S. manufacturing Purchasing Managers' Index (PMI) rose to 52.3 in May from 50.2 in April, beating expectations of 50.1. The preliminary U.S. services PMI rose to 52.3 in May, compared to both the previous and expected readings of 50.8. Initial jobless claims in the United States were 227,000 in the week ending May 17, down from 229,000 in the previous week and below expectations of 230,000, suggesting the labor market remains solid. The US House of Representatives passed President Trump's "big and beautiful" tax reform proposal on Thursday. According to the Congressional Budget Office (CBO), the proposal would increase US debt by $3.8 trillion over the next decade to $36.2 trillion. Gold is often seen as a store of value during times of political and financial uncertainty. Technical Outlook Analysis OANDA:XAUUSD Although gold fell yesterday, its current position still has enough conditions to increase towards the target at $3,371, which is the price point of the 0.236% Fibonacci retracement. The nearest support to watch is the confluence of the 0.382% Fibonacci retracement with the 21-day moving average (EMA21), and even if gold falls short-term below this confluence, it can still increase with the following supports at $3,250, followed by the 0.50% Fibonacci retracement. The relative strength index (RSI) remains above 50, which is a positive signal for the bullish momentum. For the day, the technical outlook for gold is tilted to the upside and the points to watch are listed as follows. Support: $3,300 – $3,292 Resistance: $3,371 SELL XAUUSD PRICE 3367 - 3365⚡️ ↠↠ Stop Loss 3371 →Take Profit 1 3359 ↨ →Take Profit 2 3353 BUY XAUUSD PRICE 3274 - 3276⚡️ ↠↠ Stop Loss 3270 →Take Profit 1 3282 ↨ →Take Profit 2 3288
OANDA:XAUUSDLong
by Xayah_trading
1
Weak USD and renewed safe-haven demand support GOLD surgeOANDA:XAUUSD surged to a one-week high. A weak US dollar and safe-haven demand amid economic and geopolitical uncertainty boosted gold prices. Gold prices rose and held above $3,300 an ounce as traders grew increasingly concerned about the US tax reform vote and escalating tensions in the Middle East. In addition, Moody's downgrade of the US credit rating and the depreciation of the US dollar also boosted safe-haven demand for gold. CNN reported Tuesday, citing multiple sources, that the latest intelligence suggests Israel is preparing to launch airstrikes on Iranian nuclear facilities, even as negotiations between the Trump administration and Iran over the country's uranium enrichment program continue. Axios, a prominent U.S. news website, reported Wednesday local time that two Israeli sources with knowledge of the negotiations told Axios that Israel is preparing to strike Iran's nuclear facilities quickly if negotiations between the United States and Iran fall apart. Israeli intelligence has shifted in recent days from believing a nuclear deal was imminent to believing that talks could soon collapse, sources said. Gold, considered a safe investment amid economic and geopolitical uncertainty, hit a record high of $3,500.05 an ounce last month. US stocks plunged on Wednesday and US Treasury yields jumped as investors focused on congressional debate over President Trump’s proposed tax reform, raising concerns that the country’s massive debt will continue to rise. Technical Outlook Analysis OANDA:XAUUSD After gold broke the technical confluence of the 21-day moving average (EMA21) with the 0.382% Fibonacci retracement, it has qualified for further upside to the next target expected at $3,371, the price point of the 0.236% Fibonacci retracement. Looking ahead, in the short term, gold has qualified for a new bullish cycle with the nearest support at the raw price point of $3,300 followed by $3,292. A bullish breakout of $3,371 would open the door to a new target at the raw price point of $3,400 in the short term, followed by $3,435. As noted to readers throughout the publications since the beginning of the year, the trend of gold prices is fixed by the rising price channel, corrections can still take place negatively but the trend has not changed. "In fact, I have also encountered many failures when the market fluctuated too much recently, causing me to not believe in the rising price structure at times." Trading is not just about fundamentals or technicals, it depends more on trading psychology. With the current market, experienced traders will still often encounter psychological problems, such as me, who is writing this article to you. Finally, the short-term uptrend of gold prices in the main uptrend will be noted by the following notable levels. Support: 3,300 – 3,292 – 3,250 USD Resistance: 3,371 – 3,435 USD SELL XAUUSD PRICE 3367 - 3365⚡️ ↠↠ Stop Loss 3371 →Take Profit 1 3359 ↨ →Take Profit 2 3353 BUY XAUUSD PRICE 3265 - 3267⚡️ ↠↠ Stop Loss 3261 →Take Profit 1 3273 ↨ →Take Profit 2 3279
OANDA:XAUUSDLong
by Xayah_trading
2
GOLD spikes on geopolitics, not enough for new bull runIn the early trading session this morning (May 21), the spot OANDA:XAUUSD suddenly skyrocketed in the short term, surpassing the $3,300/ounce mark for the first time since May 9. In addition, the price of WTI crude oil also skyrocketed, at one point increasing by 3%. US media reported that US intelligence agencies had detected that Israel was preparing to attack Iran's nuclear facilities. After the price increase on the previous trading day, the gold price continued to skyrocket to $3,304.18/ounce in the early trading session on Wednesday in Asia. Because gold is considered a safe asset in times of geopolitical and economic uncertainty, new signs of geopolitical instability once again supported the increase in gold prices. CNN reported Tuesday local time that several US officials told CNN that new information obtained by the US shows that Israel is preparing to attack Iran's nuclear facilities even as the Trump administration seeks a diplomatic deal with Tehran. Such an attack would be a clear break with President Donald Trump, U.S. officials said. It could also spark a broader conflict in the Middle East, something the United States has tried to avoid since the 2023 Gaza war ratcheted up tensions. The growing concern stems not only from messages from senior Israeli officials, both public and private, that Israel is considering such a move, but also from intercepted Israeli communications and observations of Israeli military activity that could indicate an Israeli strike is imminent, multiple sources familiar with the intelligence said. Geopolitical factors also played a role in pushing gold higher, as the failure to reach a ceasefire between Russia and Ukraine and rising tensions in the Middle East could prompt investors to hold onto gold. The dollar weakened on Tuesday after Moody's downgraded the United States' top triple-A credit rating. Fed officials were also cautious about the economic outlook, hurt by the downgrade. A weaker US dollar means gold becomes more attractive. Analysis of the technical outlook for OANDA:XAUUSD On the daily chart, gold surged to a technical confluence of key resistance formed by the location of the 0.382% Fibonacci retracement and the 21-day EMA. At this point, gold has not completely broken out of the price action around the $3,300 base point. If gold breaks above and sustains above the $3,300 base point, it will be in a position to continue to rise with a target of around $3,371 in the short term. On the other hand, a sell-off below the 0.382% Fibonacci retracement would open the door for a retest of the $3,250 technical level followed by the 0.50% Fibonacci retracement. Currently, the active position is not yet in line for a new bullish cycle. Therefore, the technical outlook for gold for the day is a retest of $3,250 in the short term, followed by $3,228. The notable positions for intraday downside correction expectations are listed below. Support: $3,250 – $3,228 Resistance: $3,331 – $3,345 SELL XAUUSD PRICE 3356 - 3354⚡️ ↠↠ Stop Loss 3360 →Take Profit 1 3348 ↨ →Take Profit 2 3342 BUY XAUUSD PRICE 3270 - 3272⚡️ ↠↠ Stop Loss 3266 →Take Profit 1 3278 ↨ →Take Profit 2 3284
OANDA:XAUUSDLong
by Xayah_trading
Positive market, GOLD drops to 3,220 USD in short termOANDA:XAUUSD fell to $3,220/oz, down 0.61% on the day at press time, resuming a bearish trend and cooling demand for safe-haven assets. US President Trump spoke by phone with Russian President Vladimir Putin, with Trump saying Russia wants to reach a major trade deal with the United States and will immediately begin ceasefire negotiations with Ukraine. Ahead of Federal Reserve Chairman Powell's speech, central bank officials remained on the sidelines, with the likelihood of a rate cut in the summer very low. Trump said Russia wants to make a “big” trade deal with the United States. Trump posted on his Truth Social account that he spoke with Putin on Monday to discuss the deal. “I just had a two hour phone call with Putin and I think it went very well.” Trump said he discussed a number of issues with Putin, primarily the ceasefire agreement between Putin and Ukraine. “Russia and Ukraine will immediately begin negotiations to achieve a ceasefire and, more importantly, an end to the war,” Trump wrote. “Both sides will negotiate the terms of this agreement, which is only possible because they have details of the negotiations that others do not. The tone and atmosphere of the talks were very good.” After announcing the ceasefire, Trump also wrote that Putin was looking for a trade deal with the United States. “Russia wants to engage in massive trade with the United States after this disastrous ‘bloodbath’ is over, and I agree. Russia has a tremendous opportunity to create many jobs and wealth. The potential is limitless.” Trump also said that Ukraine could also benefit from a potential trade deal with the United States. He even added that the Vatican, represented by the new pope, would be willing to hold trade/ceasefire talks. Recent cooperative initiatives between Putin and Trump, including the US President receiving a painting from Putin, have raised questions about how the US-Russia axis will affect trade dynamics between the two countries. The two countries have maintained active communication since Trump took office in January. Given the current global tensions, a new US-Russia trade deal would be a significant step forward. Trump discussed peace in Ukraine with Putin on Monday after the US said it may have to pull out of a stalemate over ending Europe’s bloodiest conflict since World War II. Looking ahead, markets are focused on a speech by Federal Reserve Chairman Powell, with traders now betting that the chances of a rate cut in the summer are extremely low. The more positive news the market gets, the more pressure gold will face as cooling safe-haven demand will send investors looking for riskier assets. Technical Outlook Analysis OANDA:XAUUSD As noted to readers in previous publications since gold was sold below EMA21, up to now, it still has a short-term technical trend leaning towards the downside. Specifically, gold has repeatedly failed to overcome the resistance level of 3,250 USD and has decreased in price every time it approaches this level. And in terms of momentum, the Relative Strength Index (RSI) remains below 50, far from the oversold zone, indicating that there is still room for momentum to decline ahead. For gold to be in a position to enter a new bullish cycle, the most important condition is that it needs to break above the $3,300 base level then target around $3,371 in the short term. On the other hand, once gold breaks below the $3,200 support point it could continue to decline with the target then around the 0.618% Fibonacci retracement in the short term. For the rest of the day, the technical outlook for gold is bearish with notable positions listed as follows. Support: $3,200 – $3,163 – $3,120 Resistance: $3,250 – $3,292 SELL XAUUSD PRICE 3226 - 3224⚡️ ↠↠ Stop Loss 3230 →Take Profit 1 3218 ↨ →Take Profit 2 3212 BUY XAUUSD PRICE 3150 - 3152⚡️ ↠↠ Stop Loss 3146 →Take Profit 1 3158 ↨ →Take Profit 2 3164
OANDA:XAUUSDShort
by Xayah_trading
1
GOLD surges 1.5% then falls, US credit rating downgradedOANDA:XAUUSD have recovered from their biggest weekly decline in six months, as growing concerns about the US economic outlook and budget deficit boosted demand for safe-haven assets. Spot gold rose 1.5% to $3,249.80 an ounce in early Asian trading before paring losses, up about 0.55% on the day at press time. Moody's Ratings announced late Friday that it had removed the U.S. government's top credit rating, downgrading the country from Aaa to Aa1. Moody's blamed successive U.S. presidents and lawmakers for the growing budget deficit, although Moody's said the situation showed little sign of improving. "While we recognize that the United States has significant economic and fiscal strength, we believe that these strengths are no longer sufficient to fully offset the deterioration in fiscal metrics," Moody's said in a statement. This “black swan” event has raised concerns about the US financial situation. Safe-haven buying has fueled a sharp rise in gold prices. In addition, the weakening of the US dollar has also benefited the gold price trend. This downgrade is likely to add to Wall Street’s growing concerns about the US government bond market. While rising yields typically boost their respective currencies, debt concerns could increase skepticism about the USD. Gold prices have been volatile in recent months. Last week, gold posted its biggest weekly decline since November as geopolitical tensions eased. The move followed a sharp rally in gold, which topped $3,500 an ounce for the first time last month. Gold is still up more than 20% this year, driven by global conflicts, tariffs from US President Donald Trump and flows into exchange-traded funds. Technical outlook OANDA:XAUUSD After gold reached the target resistance of 3,250 USD, it weakened slightly again, this resistance level is noted by readers in the weekly publication. In the short term, gold still has a bearish outlook with the nearest resistance at 3,250 USD followed by the confluence of EMA21 and Fibonacci retracement 0.382%. In terms of momentum, the Relative Strength Index (RSI) is still below 50, 50 is now acting as resistance while the RSI is still quite far from the oversold zone, indicating that there is still room for a decline in momentum ahead. As long as gold remains below the 21 EMA, it remains bearish in the short term and a break below $3,200 would continue to push gold lower with a target of around $3,163 in the short term. For gold to qualify for the upside, it needs to move above the 21 EMA, break the $3,300 base point and then target around $3,371 in the short term. Intraday, the bearish outlook for gold in the short term will be highlighted again by the following levels. Support: $3,200 – $3,163 Resistance: $3,250 – $3,292 SELL XAUUSD PRICE 3261 - 3259⚡️ ↠↠ Stop Loss 3265 →Take Profit 1 3253 ↨ →Take Profit 2 3247 BUY XAUUSD PRICE 3199 - 3201⚡️ ↠↠ Stop Loss 3195 →Take Profit 1 3207 ↨ →Take Profit 2 3213
OANDA:XAUUSDLong
by Xayah_trading
1