Gold Holds Steady Above $3,350 Ahead of U.S. Jobs Data
Gold (XAU/USD) is easing modestly from its daily high yet maintains a slightly positive tone above the $3,370 mark in Friday’s European session. The U.S. Dollar (USD) recovers from a multi-week low as markets reposition ahead of today’s highly anticipated Nonfarm Payrolls (NFP) release.

🔍 Macro Backdrop
The recent USD rebound is driven by position adjustments and cautious sentiment ahead of the labor data. Hopes for renewed U.S.-China trade dialogue, along with a generally stable risk appetite, weigh on gold’s traditional safe-haven appeal.
However, uncertainties around U.S. fiscal stability, along with expectations that the Federal Reserve will lower rates later this year, continue to limit downside risks for gold. Additionally, global tensions—including the Russia-Ukraine conflict and instability in the Middle East—are likely to keep investor demand for gold intact.

📉 Gold ETF Trends (May Update)
• 🌐 Global ETF outflows hit $1.8 billion in May, led by:
o North America: -$1.5bn
o Asia: -$489mn
o Europe saw inflows: +$225mn
• 🪙 Total ETF holdings dropped by 19 tonnes to 3,541t, reducing AUM by 1% to $374 billion
• 🔄 Liquidity remained high despite lower month-on-month volume

🧭 Technical Snapshot – Gold Price Levels to Watch
Gold’s breakout above the $3,366–$3,376 zone earlier this week was a pivotal move. With momentum indicators still positive, the bias remains to the upside, but traders are watching for confirmation via a break above $3,390.
🔼 Upside Potential
• Immediate resistance: $3,410 (psychological)
• Further targets: $3,438–$3,452, then $3,500 (April ATH)
🔽 Downside Risk
• First support: $3,344–$3,325
• Deeper levels: $3,306 → $3,289 → $3,276–$3,266

🔁 Intra-Day Range Outlook
Pivot Point: $3,335
• Resistance: $3,386 → $3,405 → $3,435
• Support: $3,335 → $3,300 → $3,280
🟢 Bias: Bullish as long as price holds above $3,347
🔴 Reversal Trigger: A close below $3,347 (1H or 4H candle) could invite selling pressure down to $3,313

📌 Summary:
Gold is consolidating gains near multi-week highs as traders eye the U.S. NFP report for direction. While the Fed rate cut expectations and geopolitical tensions support the metal, the short-term path depends on whether gold can break and close above $3,366–$3,385. Until then, expect measured moves within defined technical zones.