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Gold prices remain steady around the 3,350 level, recovering notably from overnight lows following the release of U.S. inflation data.
July’s Consumer Price Index rose 2.7% year-on-year, slightly below the 2.8% forecast. However, core CPI climbed 3.1%, exceeding the 3.0% estimate and June’s 2.9% reading. These figures have reinforced market expectations for a 0.25% interest rate cut by the Federal Reserve on September 17.
The market also reacted to comments from U.S. President Donald Trump, who announced that imported gold would not face tariffs in the U.S. This decision has fueled volatility in gold over the past two sessions. Any tariff imposition on bullion could significantly impact global gold flows.
If the no-tariff policy is officially confirmed, gold prices may stabilize. However, any conflicting signals could trigger fresh price swings.
From a technical perspective, gold is consolidating in a sideways range after breaking below its trendline. The 3,360 to 3,380 zone is now acting as a strong resistance area. A strong rejection here could reignite the downtrend, targeting the 3,310 level initially, with a further drop towards the key 3,300 level.
Gold prices remain steady around the 3,350 level, recovering notably from overnight lows following the release of U.S. inflation data.
July’s Consumer Price Index rose 2.7% year-on-year, slightly below the 2.8% forecast. However, core CPI climbed 3.1%, exceeding the 3.0% estimate and June’s 2.9% reading. These figures have reinforced market expectations for a 0.25% interest rate cut by the Federal Reserve on September 17.
The market also reacted to comments from U.S. President Donald Trump, who announced that imported gold would not face tariffs in the U.S. This decision has fueled volatility in gold over the past two sessions. Any tariff imposition on bullion could significantly impact global gold flows.
If the no-tariff policy is officially confirmed, gold prices may stabilize. However, any conflicting signals could trigger fresh price swings.
From a technical perspective, gold is consolidating in a sideways range after breaking below its trendline. The 3,360 to 3,380 zone is now acting as a strong resistance area. A strong rejection here could reignite the downtrend, targeting the 3,310 level initially, with a further drop towards the key 3,300 level.
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✅ Receive 7–10 high-quality signals daily for Forex, Gold, and Bitcoin
✅ Fast updates, accurate alerts
✅ Suitable for both beginners and experienced traders
👉 Join now by clicking this link:
t.me/+6v7LMJO7cI04Nzg1
✅ Fast updates, accurate alerts
✅ Suitable for both beginners and experienced traders
👉 Join now by clicking this link:
t.me/+6v7LMJO7cI04Nzg1
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.