Gold Pulls Back from $3,508 as Dollar Recovers.
Gold Pulls Back from Record $3,508 as Dollar and Yields Recover.
FUNDAMENTAL OVERVIEW:
Gold (XAU/USD) eased on Tuesday after hitting a record peak of $3,508 per ounce in Asian trading, as a rebound in the US Dollar and Treasury yields prompted profit-taking.
The metal trades near $3,485 in early US hours, still holding a six-day winning streak. Demand remains underpinned by safe-haven flows and expectations of a Fed rate cut at the September 16–17 meeting.
Gold’s surge to fresh highs has been fueled by dollar weakness, political pressure on the Fed raising independence concerns, and ongoing geopolitical risks. Trade policy uncertainty, particularly surrounding US tariffs, continues to bolster the case for bullion as a hedge against global economic and political instability.
Markets remain confident the Fed will move ahead with easing, though Friday’s Nonfarm Payrolls (NFP) report will be critical in shaping expectations for a potentially deeper rate cut.
GOLD TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Gold is trading within an up channel.
Gold is moving above all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in a Bullish Zone, while the Stochastic oscillator suggests a Positive trend.
Immediate Resistance level: 3497.00
Immediate support level: 3438.93
HOW TO TRADE GOLD
Gold surged to a new record high at $3,508, breaking firmly above the long-standing $3,450 resistance. The metal is now undergoing a minor pullback toward its support zone. If this level holds, the bullish trend could resume, paving the way for further upside momentum.
