Edward_TradingFX

Gold has returned to a weaker stance, trading around $3,309 during the U.S. session. The U.S. dollar gained some positive momentum as markets leaned toward the possibility that the Federal Reserve will keep its policy unchanged in July following the May report, causing XAU/USD to drop lower into the weekend.Additionally, U.S. economic data released on the same day continued to show signs of cooling. Specifically, weekly jobless claims came in higher than both the forecast and the previous week's figures, while the U.S. trade deficit narrowed significantly in May.The index measuring the dollar's strength against a basket of six major currencies remained nearly unchanged. Meanwhile, the yield on 10-year U.S. Treasury bonds rose, and real yields climbed by 2 basis points, putting downward pressure on gold prices.Nevertheless, gold still maintains its long-term uptrend. This correction is seen as a better buying opportunity.

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 💬

Gold surged to around $3,373/oz today, rising over $22 compared to the same time yesterday, after weaker-than-expected U.S. jobs data sparked fresh demand for safe-haven assets.According to ADP, the U.S. private sector added just 37,000 jobs in May—far below the 115,000 forecast and April’s 60,000. The sharp slowdown in hiring suggests growing cracks in the U.S. labor market.This soft data has fueled expectations that the Federal Reserve may soon cut interest rates. With rising concerns over economic slowdown and global uncertainty, investors are increasingly turning to gold for protection.With strong fundamental support, gold’s bullish momentum looks set to continue in the short term.