Gold price dips toward $3,360 as easing trade tensions and Fed pause curb safe-haven flows
Gold prices slipped to $3,362.26 per ounce on Thursday, continuing this week’s downside move as investor appetite for safe-haven assets weakens. The retreat is primarily attributed to a shift in global risk sentiment, following reports of a softer U.S.–EU trade agreement and anticipation that the Federal Reserve will hold interest rates steady in the upcoming policy meeting.
Highlights
- Gold falls to $3,362.26, extending prior losses as traders unwind safe-haven bets
- U.S.–EU tariff deal and Fed rate hold expectations weigh on short-term demand
- Price tests $3,340–$3,300 support with RSI at 40.87 and momentum fading
Traders are increasingly unwinding gold exposure after confirmation that the U.S. will implement a 15% baseline tariff on EU imports, down from a proposed 30%, mirroring earlier terms with Japan. This shift is seen as a sign of de-escalation, curbing fears of a broader trade war. Meanwhile, markets expect no immediate changes in U.S. monetary policy, with the next potential rate cut now priced in for October, temporarily stabilizing yields and undercutting gold's short-term appeal.
Technical picture weakens as key support comes into focus
On the charts, gold is trading just below all major EMAs (20/50/100/200), now ranging between $3,341 and $3,386. The metal has pulled back from the $3,440–$3,450 resistance area and is currently testing the $3,355–$3,340 zone, which aligns with the midline of a rising channel. A breach of this area could drag price toward trendline support near $3,300 or lower.
XAU/USD price dynamics (Source: TradingView)
Momentum indicators reflect growing bearish pressure, with the RSI (14) sliding to 40.87. A move below 40 would reinforce downside risk. Bulls would need to reclaim the $3,386 zone to regain directional control. Market participants are also watching diplomatic developments, particularly U.S. Treasury Secretary Scott Bessent’s upcoming meetings with Chinese officials in Stockholm. Talks concerning tariffs on China-linked goods could serve as a wildcard, offering either relief or further pressure depending on the outcome.
Outlook cautious as gold hovers above key structural floor
Gold remains vulnerable below $3,386, with sentiment tilted cautiously lower unless macro risks re-emerge. Traders will closely watch the $3,340 zone and next week’s Fed signals to determine if the current slide deepens or stabilizes. The combination of softer geopolitical risks and firm yields continues to weigh on the metal's short-term trajectory.
In our previous analysis, we flagged the $3,300–$3,450 channel as a key trading range. Price is now testing the lower half of that structure amid softening demand cues. Unless buyers reclaim levels above the EMA band, the broader structure risks a shift to lower support zones near $3,280.
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