Technical My Tips

📊 Gold records its largest monthly gain Gold (XAU) prices rose towards $3,400 on Monday, as markets stayed cautious ahead of U.S. President Donald Trump's tariff deadline on 1 August. 👉 Possible effects for traders Gold rises as the U.S. dollar (USD) weakened further amid Trump's ongoing trade battles and market concerns that he may seek to exert control over U.S. monetary policy. Trump has threatened to dismiss Federal Reserve (Fed) Chair Jerome Powell, seeking to pressure the central bank into cutting interest rates despite persistent inflation concerns. Meanwhile, U.S. Treasury Secretary Scott Bessent stated the need to review the entire Fed as an institution. 'Talk of earlier-than-expected U.S. rate cuts is building, with speculation around a possible replacement of Fed Chair Jerome Powell and reshaping of the Fed adding to market jitters', said David Meger, Director of Metals Trading at High Ridge Futures. In this environment of low rates and heightened uncertainty, gold typically performs well as a reliable hedge. XAUUSD fell slightly during the Asian and early European trading sessions. Investors await Fed Chair Jerome Powell's speech today at 12:30 p.m. UTC for more clues on the U.S. interest rate path. Key levels to watch are resistance at $3,400 and support at $3,370.

GBPJPY failed to close above the resistance at 199.50 and corrected toward EMA21. The price remains above both EMAs and within the ascending channel, indicating that bullish momentum persists and awaits an apparent breakout. If GBPJPY breaks above 199.50, the price may approach the resistance at 201.40, in confluence with the 78.6% Fibonacci Extension. Conversely, breaking below the channel’s lower bound and 196.00, in confluence with EMA78, may prompt a decline to the following support at 192.70. Are you buying or selling?

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ETHUSD, 15-minute timeframe chart 👉Level explanation ETHUSD has been under selling pressure within the last couple of hours. 👉Possible scenario The best way to use this opportunity is to place a Sell order at 3,631.00. Set your stop loss at 3,736.00 above the previous high ($10.50 loss for 0.01 lot) and take profit at 3,526.00 ($10.50 profit for 0.01 lot). The risk-reward ratio for this order is 1:1. The upcoming news will not influence your orders within the mentioned period.

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#economic_calendar These events may affect the market on 22 July.

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These are the biggest events to watch this week: The ECB's latest policy decision and the flash PMIs for July will be the highlights of the week. No change in rates is expected from the ECB but the tone of the meeting will be important to gauge whether this is a temporary pause or not. Meanwhile, the S&P Global flash PMIs will be watched for any signs that the ongoing trade war is hurting business activity in the major economies such as the US, Eurozone and UK. CPI data for Tokyo will be eyed too.

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📊 Gold consolidates ahead of big move Gold prices (XAU) climbed to around $3,350 on Friday. The rise reflects investor concerns about U.S. President Donald Trump's aggressive tariffs, which could trigger trade disruptions and broader market volatility. Gold benefits from rising safe-haven demand as global markets assess the implications of protectionist measures. 👉 Possible effects for traders Adding to these tensions, U.S. Commerce Secretary Howard Lutnick confirmed on Sunday that 1 August remains the firm deadline for countries to pay reciprocal tariffs. Lutnick acknowledged that negotiations could continue beyond the date but underscored that smaller countries should expect a baseline tariff rate of at least 10%. This reiteration of the administration's hard-line stance fuels further caution among investors concerned about supply chain disruptions and retaliatory measures. The tariff moves follow President Trump's recent letters to multiple trading partners notifying them of sharply increased tariff rates, some as high as 40%. If fully implemented, such tariffs could strain diplomatic relations and disrupt trade flows, adding another layer of uncertainty to global markets. Against this backdrop, gold's appeal as a hedge against geopolitical and economic risk will likely to remain resilient. However, robust U.S. economic data released last week has dampened expectations of an imminent rate cut by the Federal Reserve (Fed). As a result, expectations of a less dovish U.S. monetary policy stance limit gold's upward momentum in the near term. Investors are now paying attention to Fed Chair Jerome Powell and Governor Michelle Bowman's comments for clearer guidance on the central bank's next steps. Any signs of further policy easing could further support gold prices, while indications of a prolonged pause in rate cuts might restrain the metal's rally.