Gold Prices Surge as Trump Delays Tariffs on Europe
Donald Trump announced a 50% tariff on Europe but postponed it until july 9,2025. This decision boosted teh Euro, British pound, and Australian dollar, while the US dollar continued its decline.
Gold has also gained strength against the US dollar. ItS now aiming for $3400 in the short term and $3500 in the near future. This week, the strategy is to buy gold when it retraces to specific levels.
Let’s discuss the key pivot levels for gold trading this week, from May 26th to May 30th, 2025.
Last week, we identified two levels on the gold chart as potential long position targets: $3261 and $3328. both were hit successfully.
Now, let’s look at the key economic events this week and their impact on XAUUSD.
- Wednesday, May 28: FOMC Meeting Minutes. A hawkish Fed could weaken gold, while a dovish tone could support it.
- Thursday, May 29: Unemployment Claims & Prelim GDP Q/Q. strong GDP is negative for gold, while weak GDP increases recession fears, benefiting gold.
- Friday, May 30: Index of Core PCE Prices m/m. Higher PCE could lead to more Fed tightening, negatively impacting gold.
Gold has already surpassed the $3200 level and is targeting $3435 and $3500. The trade idea would be invalidated if the price breaks below $3120 in the weekly timeframe.
Gold is showing bullish momentum. Buying is ideal at the 4-hour timeframe’s $3260-3208 level and the 1-hour timeframe’s $3313-3291 level.
the safe strategy is to look for buys in both lower and higher time frame levels. Selling is not recommended this week.
