From Investing.com: 2025-05-05 04:26:00

Gold traders are awaiting the US rate decision this week, with prices closing around $3,240 on Friday. The market is closely watching the Fed’s policy decision and speeches from officials. XAU/USD rose 0.5% at the start of the week, with key levels at $3,200 support and $3,380 resistance. US PMI data at 2:00 p.m. UTC will impact gold’s outlook.

The euro closed above 1.13000 on Friday, with markets anticipating a hawkish Fed tone at this week’s meeting. Deutsche Bank strategists predict a potential downtrend for the US dollar. EUR/USD is rising slightly, with key levels at 1.12640 support and 1.13850 resistance.

Traders are buying dips in the British pound ahead of the Bank of England’s meeting. A 25-basis-point rate cut is expected, with GBP/USD rising slightly. Market participants are cautious due to a quiet economic calendar and upcoming reports. Key levels to watch are support at 1.32600 and resistance at 1.33500.



Read more at Investing.com: Gold Prices Climb as US Dollar Weakens Ahead of Fed Meeting and PMI Report