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Gold is rising today as investors remain on edge amid uncertainty surrounding trade tariffs, fiscal challenges in the U.S., and geopolitical risks—factors that support demand for safe-haven assets. Additionally, expectations of Federal Reserve rate cuts are holding back dollar bulls from taking aggressive action, creating favorable conditions for further growth in the XAU/USD pair.
From a technical perspective, the overnight breakout below the key psychological level of $3300 has cast doubt on the bullish trend. A sustained move below this level would confirm a bearish bias. However, oscillators on the daily chart remain in positive territory, preventing a deeper price decline. Therefore, it is too early to confirm a bearish outlook. Any further drop is likely to attract buyers around the $3250 level, which remains a key support. If this level is breached, the bias may shift in favor of the bears.
On the other hand, the current move has encountered resistance at $3325, followed by $3340. A break above these levels could trigger short-covering, lifting the pair toward the next resistance at $3366. Continued upward movement beyond this point would signal a recovery in XAU/USD. A sustained advance above $3366 could act as a fresh bullish trigger, enabling the precious metal to return to the psychological level of $3400.
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