Spot Gold Reverses Bullish Course After Hitting $3,500, As US Dollar Bounces Back
Spot Gold reversed its bullish trajectory after reaching the $3,500 target (all-time high), as the US Dollar (DXY) bounced back from a three-year low of 97.70, trading near 99.00.
This rebound followed weeks of downward pressure and came after President Trump’s comments that tariffs on Chinese imports would “come down substantially, but not to zero,” mirroring Treasury Secretary Scott Bessent’s call for easing tensions.
The volatility continued with China’s 125% retaliatory tariffs against the US’s 145% rate, raising concerns over debt yields, slower growth, and inflation risks.
With a lighter economic calendar ahead, markets are set for choppy trading.
Technically, gold’s RSI remains bullish but shows signs of weakening, while the MACD continues to support the upward trend.
After hitting the $3,500 target, pullbacks could offer entry points for traders if safe-haven demand persists.
Daily Chart Spot Gold
This content is provided by Australian Financial Services Corporation (AFSC) Pty Ltd (AFSC), trading as Crystal Ball Finance. AFSC is a corporate authorised representative (CAR No. 001275455) of ShareX Pty Ltd (AFSL No. 519872).
For information relating to our financial services, you should refer to our Financial Services Guide.
Crystal Ball Finance content is designed as the opinion only and is general in nature. It does not take account of your objectives, financial situation or needs. Nothing in this content shall be construed as a solicitation to buy or sell any security or product or to engage in or refrain from engaging in any transaction. There are risks involved in any financial investment and trading strategy, and the value of any investment can and does fluctuate and may even become valueless. You should consider the appropriateness of any investment or trading strategy having regard to your circumstances. We recommend that you obtain financial, legal and taxation advice before making any financial investment decision or applying any trading strategy. This content is based on information obtained from sources believed to be reliable, but we do not make any representation or warranty that it is accurate, complete or up to date. We accept no obligation to correct or update the information or opinions in it. Opinions expressed are subject to change without notice. Crystal Ball Finance does not accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use or application of its content.