Gold registers mild losses on Monday but bullish bias persists

Gold is trading with small losses in early European hours but stays close to Friday’s two-week high. There’s no strong selling pressure, and prices remain supported overall. Some investors are taking profits after last week’s sharp 5% rally, as optimism grows following U.S. President Donald Trump's decision to delay tariffs on the European Union. In a major reversal, Trump has postponed the implementation of a 50% tariff on the European Union, pushing the deadline from June 1 to July 9. Earlier on Sunday, European Commission President Ursula von der Leyen stated that the EU was prepared to advance trade negotiations with the U.S., but required additional time to reach an agreement. Furthermore, US dollar slipped to one month low with growing concerns over increasing pile of US debt, weak fiscal health and possibility of Fed cutting down the interest rate.
XAU/USD TECHNICAL OVERVIEW
Technical Structure: Gold maintains a bullish structure across multiple timeframes. On the weekly chart, a strong bullish candle confirms sustained upside momentum, with prices currently hovering near a five-week high. The daily chart shows a clear bullish flag breakout, signaling continuation of the upward trend. On the 4-hour chart, a spinning top candlestick reflects temporary indecision while the 1-hour chart indicates consolidation.
Intraday Trend/ Intraday Strategy: The intraday trend remains bullish. Traders may look to buy on dips toward support levels or buy on breakouts above resistance levels.
Weekly Trend: Firmly Bullish
Major Resistance: 3346, 3356, 3366
Major Support: 3325, 3320, 3310
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