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Gold Supported by Trade HopesGold traded around $3,360 per ounce on Thursday, supported by news of a US-Vietnam trade deal and ongoing dollar weakness. The deal, which eases some tariffs on Vietnamese goods, increased hopes for further bilateral agreements. Meanwhile, softer US labor data, ADP figures showed the first payrolls drop in over two years, strengthened the case for Fed easing. Tensions in the Middle East, with Iran halting cooperation with the UN nuclear agency, added a touch of geopolitical risk. Resistance is at $3,395, while support holds at $3,330.
OANDA:XAUUSD
by ChartMage
Middle East Conflict Keeps Gold ElevatedGold traded near $3,360 per ounce in choppy conditions on Monday, as investors closely watched developments in the intensifying Middle East conflict following U.S. involvement in Israeli airstrikes on Iran. Over the weekend, U.S. forces targeted Iran’s three main nuclear facilities, with President Donald Trump warning of further action unless Tehran agrees to peace. The eruption of war between Israel and Iran has added new fuel to a rally that has pushed gold prices up nearly 30% this year. Resistance is seen at $3,395, while support holds at $3,316.
EIGHTCAP:XAUUSD
by ChartMage
GBP/USD Weakens Ahead of PMI ReleasesGBP/USD fell to around 1.3405 during Monday’s Asian session as safe-haven flows strengthened the US dollar amid rising Middle East tensions. Fears of Iranian retaliation after US airstrikes on three nuclear sites lifted demand for the Greenback. Trump said Iran’s facilities were “totally obliterated” and warned of stronger attacks unless peace is reached. Iran vowed to respond, saying it “reserves all options.” Investors await June PMI data from the UK and US due later Monday. The Pound remains under pressure after UK retail sales dropped 2.7% MoM in May, well below the expected 0.5% decline and April’s revised 1.3% gain. The BoE held rates at 4.25% last Thursday. Governor Bailey said rates are on a gradual downward path but warned of global unpredictability. Reuters expects 25 bps cuts in both August and Q4. Resistance is seen at 1.3500, while support holds at 1.3415.
by ChartMage
Silver Consolidates After Hitting Multi-Year HighSilver holds near $36.75 in Thursday’s Asian session, steady after a slight pullback from its highest level since February 2012. The trend remains bullish, suggesting more upside. A sustained move above $36.45–$36.50 confirmed a breakout from a descending channel, forming a bullish flag. The RSI has eased from overbought, and momentum indicators support a positive near-term outlook. The first resistance is seen at 37.50, while the support starts at 35.40.
FOREXCOM:XAGUSD
by ChartMage
BoE in Focus as GBP/USD Nears 1.3410GBP/USD remains under pressure for a third day, trading near 1.3410 in Thursday’s Asian session, as safe-haven demand strengthens the US Dollar amid Israel-Iran tensions. The BoE is expected to hold rates at 4.25% today. UK inflation eased to 3.4% in May from 3.5%, in line with forecasts but still above the 2% target. Markets still price in about 48 basis points of BoE cuts by year-end. Resistance is seen at 1.3440, while support holds at 1.3260.
by ChartMage
Yen Rises Amid Trump Tariff Threat and China DisputeThe Japanese yen rose to around 143.5 per dollar on Monday, marking its third straight session of gains as rising global trade tensions lifted demand for safe-haven currencies. The move followed President Trump’s threat on Friday to double tariffs on steel and aluminum imports to 50% starting June 4. Japanese steelmakers like JFE Holdings and Kobe Steel fell, while Nippon Steel was less affected after Trump praised its planned merger with U.S. Steel. Meanwhile, U.S.-China tensions grew as China denied Trump’s claim of breaching a recent Geneva trade agreement. On the domestic front, Japan’s Q1 capital spending beat expectations, with investment rising across both manufacturing and services, reflecting solid internal momentum. The key resistance is at $143.50 meanwhile the major support is located at $143.00.
by ChartMage
Silver Slips to $33.31 on Profit-TakingSilver eased to $33.31 per ounce, pulling back slightly as investors booked profits after recent gains. The retreat came even as the dollar remained weak and geopolitical tensions, including the conflict in Ukraine, persisted. While momentum slowed, physical demand, especially from Asia, continues to provide a firm base for silver. Support is at $32.30, with resistance at $33.80. Additional levels include $34.20 and $34.90 above, and $31.40 and $30.20 below.
FOREXCOM:XAGUSD
by ChartMage
Euro Extends Rally Ahead of PMI DataEUR/USD trades near 1.1340 during Asian hours, close to two-week highs, extending gains for a fourth session ahead of Eurozone PMI data expected to show improved growth for May. The U.S. dollar remains under pressure as markets await Thursday’s S&P Global PMI. Moody’s downgraded the U.S. credit rating to Aa1, matching earlier cuts by Fitch and S&P, citing rising debt, projected to reach 134% of GDP by 2035, and a nearly 9% deficit. Trump’s tax-cut plan cleared the House Rules Committee, but the DXY still trades lower near 99.50. The key resistance is located at 1.1390, and the first support stands at 1.1260.
by ChartMage
Silver Holds Near $32.60 on CeasefireSilver hovered around $32.20 per ounce during Tuesday’s Asian session, easing for a third consecutive day as safe-haven demand faded. The hopes for a Russia-Ukraine ceasefire, announced by U.S. President Trump after a call with President Putin, tempered market uncertainty and weighed on silver’s appeal. However, losses were limited following Moody’s downgrade of the U.S. credit rating and a series of weak economic data, including CPI, PPI, and retail sales. These reinforced expectations for two Fed rate cuts this year, likely starting in September, according to the CME FedWatch Tool projections. Strong industrial demand, especially from the solar sector, continues to support silver’s longer-term outlook. Markets now look for upcoming Fed speeches for further direction. XAG/USD faces resistance at $32.50, with higher levels at $33.80 and $34.20. Support is seen at $31.40, followed by $30.20 and $29.80.
FOREXCOM:XAGUSD
by ChartMage
Pound Climbs Above $1.336 on Strong UK DataThe British pound rallied past $1.336, reaching a one-week high and inching closer to its April peak of $1.34. The move was fueled by renewed optimism after the UK and EU reached a comprehensive post-Brexit agreement covering energy cooperation, defense partnerships, and fisheries rights through 2038. Supporting the pound further, recent UK data exceeded expectations. GDP rose 0.7% in Q1 and 1.3% annually, easing pressure on the Bank of England to cut interest rates aggressively. Although rate reductions remain on the table, the strength of the economic rebound gives policymakers more flexibility. Despite some concerns about rising unemployment and slowing wage growth, the upbeat GDP print has helped offset fears of an impending recession. Meanwhile, the US dollar continued to weaken following Moody’s credit downgrade, providing additional support to the pound. GBP/USD now faces resistance at 1.3450, with higher targets at 1.3550 and 1.3700. Support is located at 1.3160, followed by 1.3000 and 1.2960.
by ChartMage
Yen Steadies on US Credit DowngradeThe Japanese yen held firm near 144 per dollar, marking its fourth straight session of gains, bolstered by a weaker US dollar in the wake of Moody’s downgrade of the US credit rating. The move, prompted by fiscal concerns and rising deficits, dented dollar confidence globally. Despite this, Japan’s own economic data weighed on sentiment, with GDP shrinking by 0.2% in Q1, its first contraction in a year and worse than anticipated. Investors are also closely watching the upcoming Japanese trade data with concerns about the impact of potential new US tariffs. A third round of US-Japan trade talks is set to begin in Washington by the end of the week, led by Japan’s chief negotiator Ryosei Akazawa. USD/JPY faces immediate resistance at 148.60, with higher levels at 149.80 and 151.20. Key support is seen at 139.70, followed by 137.00 and 135.00.
by ChartMage
Gold Slides Toward $3,220Gold fell to approximately $3,220 per ounce, on track for a weekly loss of more than 3% as appetite for the precious metal diminished with easing global trade tensions. The 90-day tariff truce between the U.S. and China reduced fears of a drawn-out trade war, while geopolitical concerns also eased with a stable India-Pakistan ceasefire. Talks between Russia and Ukraine are losing momentum. Although soft U.S. inflation data has reinforced expectations for at least two Federal Reserve rate cuts this year, Fed Chair Powell cautioned that future inflation may be volatile due to persistent supply shocks. Key support is located at $3,120, followed by $3,030 and $2,956. Resistance levels are seen at $3,250, then $3,300 and $3,350.
EIGHTCAP:XAUUSD
by ChartMage
Risk Appetite Weighs on GoldGold hovers near $3,155, attempting to stabilize after falling more than 2% the previous day. The metal trades below $3,200, pressured by improved risk appetite following U.S.-China tariff reductions and upcoming U.S. data releases, including PPI and Retail Sales. Fed Chair Powell’s speech is also in focus, as markets seek clues on interest rate policy. While the weaker Dollar has lent gold some support, traders remain cautious ahead of potential rate-cut signals. Key resistance is seen at $3,235, followed by $3,300 and $3,350. On the downside, support begins at $3,120, then $3,030 and $2,956.
EIGHTCAP:XAUUSD
by ChartMage
UK Data in Focus as Pound Tests 1.3300GBP/USD trades near 1.3280 early Thursday, recovering recent losses as the dollar softens with ongoing trade policy discussions. Optimism over reduced U.S. tariffs on British goods like cars and steel helps strengthen the appeal of the Pound. However, weaker UK employment data and slow wage growth may increase pressure on the BoE to consider further easing. Traders now await UK Q1 GDP and U.S. CPI data. Despite global uncertainties, improving trade conditions have reduced bets on aggressive Fed cuts, with markets now pricing a 74% chance of a 25 bp cut in September instead of July. The pair faces resistance at 1.3320, with higher levels at 1.3450 and 1.3550. Support sits at 1.3160, then 1.3000 and 1.2960.
by ChartMage
Silver Softens Near $32.50 as Risk Appetite ImprovesSilver hovered around $32.50 Friday, easing from earlier highs as optimism around U.S.-UK trade progress and upcoming talks with China reduced precious metals demand. The Fed’s hold on interest rates and cautious tone also weighed on precious metals. Still, silver remains on track for a weekly gain. Technically, resistance is seen at $33.80, followed by $34.20 and $34.85, while support levels are noted at $32.00, $31.40, and $30.20.
FOREXCOM:XAGUSD
by ChartMage
Euro Nears 1.1230 on Cautious ECBEUR/USD edged up to 1.1230 in Friday’s Asian session, paring earlier losses caused by stronger U.S. data and easing trade tensions that supported the dollar. The euro remains under pressure as markets price in possible ECB rate cuts by June, though officials maintain confidence in inflation reaching the 2% target by year-end. The pair faces resistance at 1.1260, with further upside capped near 1.1460 and 1.1580. On the downside, support is seen at 1.1150, followed by 1.1100 and 1.1050.
by ChartMage
Gold Dips Toward $3,360 as Fed HoldsGold slipped to around $3,360 per ounce on Thursday, pressured by the Fed’s cautious tone after keeping rates unchanged. Chair Powell dismissed preemptive cuts and highlighted inflation and labor market risks, dampening demand for non-yielding assets. However, gold's downside was limited by trade uncertainties as Trump reaffirmed tariffs before U.S.-China talks in Switzerland. Resistance is expected at $3,460, followed by $3,500 and $3,550. Support sits at $3,320, with further levels at $3,300 and $3,265.
EIGHTCAP:XAUUSD
by ChartMage
Gold Climbs on Safe-Haven DemandGold climbed to nearly $3,360 per ounce on Tuesday, marking its highest level in over a week, as renewed tariff threats from President Trump increased safe-haven demand. Trump announced a 100% tariff on foreign films and signaled upcoming measures targeting pharmaceuticals. Investors are now focused on the Federal Reserve’s policy decision, with rates expected to stay unchanged despite Trump’s push for cuts. Resistance is expected at $3,385, then $3,450 and $3,500. Support stands at $3,300, followed by $3,265 and $3,200.
EIGHTCAP:XAUUSD
by ChartMage
Euro Pressured Ahead of Fed DecisionThe euro is trading around $1.1315 on Tuesday, pressured by a stronger U.S. dollar ahead of the Federal Reserve’s policy decision, where rates are expected to remain unchanged. However, the dollar still faces headwinds from doubts over its safe-haven appeal and President Trump’s unpredictable tariff stance. A dovish Fed or continued skepticism toward the dollar may limit euro losses. Resistance levels are seen at 1.1460, then 1.1580 and 1.1680, while support rests at 1.1260, followed by 1.1200 and 1.1150.
by ChartMage
Yen Slips Toward 144 on Stronger DollarThe Japanese yen edged lower toward 144 per dollar on Tuesday, as the U.S. dollar strengthened amid optimism over potential U.S.-China trade talks and investor caution ahead of the Federal Reserve’s policy decision. President Trump suggested a possible reduction in tariffs on Chinese goods. Meanwhile, the Bank of Japan held rates steady but revised its growth and inflation outlook. Trading activity remained subdued due to a public holiday in Japan. Resistance is located at 145.90, followed by 146.75 and 149.80. On the downside, support levels are at 139.70, then 137.00 and 135.00.
by ChartMage
Silver Slips on Trade Optimism and Weak Economic Data Silver prices dropped over 1% on Thursday, slipping to around $32 per ounce, dragged by reduced safe-haven demand following Trump's optimistic remarks on potential trade deals with China, India, Japan, and South Korea. Weak economic data further pressured prices, with the U.S. economy contracting by 0.3% and China’s manufacturing PMI falling to a 16-month low, raising concerns about industrial demand. Today, silver is showing signs of recovery amid improved risk appetite, with the market focus on the $34.90–$35.00 resistance zone as a key technical level. Narrow Range: $31.30 – $33.70 Wide Range: $28.50 – $34.90/35.00
FOREXCOM:XAGUSD
by ChartMage
GBP Gains as Tariff Risk Stays LowThe British pound rose to $1.332, near its highest level since February 2022, supported by a weaker U.S. dollar. Sterling gained 3.2% in April, its best month since November 2023. The UK is seen as less exposed to U.S. tariffs, which President Trump has delayed until July. In 2024, the U.S. ran a $12 billion goods surplus with the UK, unlike its deficits with China and the EU, reducing trade risk. The pound also benefits from expectations that the Bank of England will be more cautious than others in cutting rates. Markets expect about 85 basis points of easing this year, which is in line with the Fed. Investors now await key U.S. jobs and inflation data for dollar direction. If GBP/USD breaks above 1.3430, the next resistance levels are 1.3500 and 1.3550. Support levels are at 1.3200, followed by 1.3050 and 1.2960.
by ChartMage