Weekly Overview: XAUUSD, #SP500, #BRENT | 03 July 2026
XAUUSD: SELL 4065.00, SL 4095.00, TP 3975.00
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Gold begins the week near $4,060 per ounce, but rising expectations of a more restrictive Federal Reserve policy are limiting its upside. Inflation concerns and higher oil prices have led the market to reassess the probability of a rate hike, while the US dollar remains supported. This combination is unfavourable for a non-yielding asset such as gold.
Military risks in the Persian Gulf may support demand for defensive assets, but they have not yet outweighed the effect of higher US funding costs. Labour market data will be an important test for interest rate expectations. As long as this scenario remains intact, a downside move in XAUUSD appears more justified.
Trading idea: SELL 4065.00, SL 4095.00, TP 3975.00
