- EUR/USD remains under pressure as Credit Agricole reinforces its bullish USD outlook, citing overstated structural risks and renewed tariff tensions between the US and China.
Gold recently broke above a descending trendline and reclaimed the 0.382 Fibonacci level at $3,333.05. The bullish momentum now faces resistance near the 0.618 retracement at $3,366.29 and the $3,389.94 zone (0.786). A clean breakout could open the way toward the $3,440–$3,507 area, aligning with the 1.0 and 1.618 Fib extensions.
The rally follows rising trade tensions, as President Trump announced 50% tariffs on EU imports from June 1st and threatened Apple with 25% tariffs unless it relocates iPhone production to the U.S.
Further fuel for gold comes from the proposed ‘One Big Beautiful Bill Act,’ which includes major tax cuts and spending reforms. Expected to add $3–5 billion to U.S. debt, the bill passed the House and now moves to the Senate.
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