Gold prices rose on Friday and were on track for a third straight weekly gain, as investors closely watched further developments in trade talks between the United States and China.
Gold hit $3,500 an ounce on Tuesday on concerns about the U.S. economy, but prices fell below $3,300 a day later after U.S. President Donald Trump backed off his threat to fire the Federal Reserve chairman and appeared to soften his stance on China.
Fed officials said they do not see a need to change monetary policy as they seek more information to determine how the Trump administration’s tariffs are affecting the economy.
XAUUSD trading strategy around the price zone:
SELL XAUUSD around 3371-3373
Stoploss: 3376
Take Profit 1: 3367
Take Profit 2: 3362
Take Profit 3: 3357
BUY XAUUSD around 3304-3306
Stoploss: 3300
Take Profit 1: 3310
Take Profit 2: 3316
Take Profit 3: 3321
Note: Always set Stoploss in all cases to be safe