TRADE SETUP

Where do we stand fundamentally?

Gold prices have been volatile. XAU/USD recently rallied to $3,340 after a two-day 3% gain, driven by safe-haven demand amid US-Iran tensions and tariff fears. However, it eased slightly before key US jobs data, which could influence the Federal Reserve's monetary policy outlook. Earlier, gold dipped below $3,300, hitting a monthly low of $3,282-$3,283, pressured by a risk-on market mood after a US-China trade agreement and a Middle East ceasefire.

The XAUUSD is bouncing off the 2200 support for an upside continuation. The main resistance now is 3380 and if we see a break above this resistance a strong upside continuation is possible.

For the rally to continue, we need a sustained breakout above 3380. A break below 3200 could open a test of the next support 2960, in the medium-term.

_{I am taking a near-term short-trade entry with an SL below 3200 to target 3500 and 3700. You can buy call options as well.}