XAUUSD

Gold found support on the first trading day of the week due to increased demand for safe-haven assets following Donald Trump's new threat of customs duties. Trump announced that he would raise existing tariffs on steel and aluminum imports from 25% to 50% starting June 4. Amid market uncertainties, he accused China of violating a customs duty ceasefire, which Beijing responded to with counter-accusations. Following Ukraine's drone attacks on Russian territories, the number of downed aircraft has exceeded 40.

From a technical perspective, gold is trading above levels supported by the 20, 50, and 100-period moving averages. As long as it remains above the current level of 3297, it shows a positive outlook. If the upward momentum continues, resistance levels of 3331 and 3346 may be targeted. However, a potential decline below the 3297 level could create a negative outlook.