Gold price recovers from a one-month low, US-UK trade deal weakens USD
The price of gold rebounded from a one-month low to start the week, as markets responded to the start of the US-UK trade deal.
This agreement, which was first negotiated in May, will see British carmakers able to export up to 100,000 cars per annum, at a 10% tariff. This is less than the 50% levy imposed on automakers by other nations.
Today’s news sent the Dollar weaker versus the British Pound, with GBPUSD remaining near a recent high of 1.37.
XAUUSD has so far peaked at $3,296, breaching a key resistance level of $3,285 in the process. Should this upward trend continue, the next target for bulls could be $3,330.
Despite a shortened week due to the U.S. Independence Day celebrations this Friday, there will be several key data points that could shift market sentiment.
This includes non-farm payrolls, manufacturing PMI, and a speech from Fed chair Powell.
Author
Eliman Dambell
Sayvio AI
With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.
