Gold is edging higher as renewed tariff threats from former President Trump spark fresh global economic concerns. Fiscal worries are also adding support, with Trump’s tax plan projected to expand the U.S. deficit by $3.4 trillion over the next decade.
However, gains remain limited as strong U.S. jobs data clouds the outlook for Fed rate cuts. For now, gold is likely to stay rangebound, supported by safe-haven demand but capped by policy uncertainty.
At the time of writing XAUUSD is trading at $3,341, holding above the 50-day MA ($3,322) but just below the 21-day MA ($3,348), suggesting short-term consolidation. The 100-day MA at $3,186 offers strong longer-term support.
The momentum is neutral: RSI at 51.15 signals a balanced market, while the MACD (2.716) below the signal line (7.107) hints at weakening bullish momentum. A decisive move above $3,348 could open room to retest recent highs, while a drop below $3,322 may attract sellers.
