From Investing.com: 2025-02-10 03:30:00

Gold prices continued their six-week rally, with XAU/USD rising amid escalating trade tensions between the U.S. and China. Uncertainty in Trump’s tariff policies remains a central focus, with markets suspecting new duties on China and Europe. Weak U.S. jobs report slightly increased chances for more Fed rate cuts, supporting gold’s uptrend. XAU/USD may break resistance at $2,883 per ounce. Traders should monitor U.S.–China trade discussions and Russia-Ukraine peace negotiations for potential market moves.

The euro weakened against the USD as U.S. job growth slowed in January, reducing chances of Fed rate cuts. Trump’s plans for reciprocal tariffs supported the greenback. Eurozone struggles with slow growth and inflation, with German industrial production declining. EUR/USD rose slightly, with ECB President’s speech as a potential market-moving event. Bearish sentiment surrounds EUR/USD due to trade tensions and eurozone economic issues.

The British pound fell against the USD as the greenback strengthened amidst mixed U.S. macro data and trade war fears. BOE’s rate cut and lower growth forecasts weighed on the sterling. GBP/USD recovered slightly after BOE Governor downplayed significant interest rate cuts. Divergence in monetary policy expectations between BOE and Fed favours the greenback. GBP/USD rose slightly today, with no major news releases expected. Key levels to watch are support at 1.23800 and resistance at 1.24200.



Read more at Investing.com: Gold Prices Continue To Rise Amid Escalating US-China Trade Tensions