Gold retreats but remains supported by macro tailwindsXAUUSD pared recent gains following a retreat below the channel's upper bound and resistance at 3150. The price remains in an uptrend, holding above the Ichimoku Cloud and within the ascending channel. However, should the price experience a retracement, a throwback to the 3050 support may occur. Conversely, regaining its bullish momentum and closing above 3150 could prompt a further rise to the following resistance at 3220.
Gold pulled back sharply from record highs after Trump's tariffs excluded precious metals, easing immediate supply concerns, but the broader backdrop remains favorable. Central bank buying, expectations of rate cuts, and persistent geopolitical risks underpin demand, even as short-term profit-taking kicks in. While volatility may persist, the metal's role as a hedge against inflation and economic uncertainty keeps its long-term bullish case intact.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness