Precious metals market

Bearish momentum is building in gold following last week's reversal from record highs. With optimism in risk assets lingering and technical patterns flashing warnings, it may be some time before gold can mount another serious push towards $3500.

Markets appeared to steady themselves last week, with risk assets such as the S&P 500 pressing higher and haven assets taking a backseat.

Over the past five trading sessions, gold has shown a significant bearish bias, accumulating a decline of more than 4.5%.

The price of gold seems to be coiling above the 50-Day SMA ($3042) as it defends the weekly low ($3260).

The U.S. Dollar is bouncing from a big spot of long-term support but the question now is whether USD/JPY bulls and EUR/USD bears can continue to run. Gold is pulling back from a test at 3500 and Bitcoin has broken out of a falling wedge formation.

As far as the gold outlook is concerned, well the precious metal has dropped quick a bit in the last couple of days, but that is still merely a drop in the ocean compared to how much it has gained. Will dip buyers step in as the metal now tests short-term support levels beath the $3300 area?

With Trump signaling no plans to fire Fed Chair Powell and showing openness to easing Chinese tariffs if a trade deal is reached, risk-on sentiment slightly returned to the markets. This sparked a more than 3% jump in US indices and a 200-point drop in both Gold and EURUSD. The key question: Are we recharging or reversing?

The momentum behind the move is unmistakable, and it’s clearly deterring any meaningful selling activity from traders or longer-term investors. Against this backdrop, the gold forecast remains bullish, although prices are hitting significant overbought technical levels.

Trump’s Fed attacks and US–China trade tensions shake Dollar confidence — DXY drops to key support as EURUSD and Gold surge to multi-year highs. Is a deeper Dollar decline ahead?

The metal has enjoyed an amazing run, thanks to central bank buying, strong haven demand, weakness in US dollar, inflation hedging and momentum buying, among many other fundamental reasons. But what about the gold forecast? Have we passed peak uncertainty, and is it reasonable to expect the precious metal to rise significantly further from here?

DXY, EURUSD, Gold Forecast: Amid intensifying trade war tensions between the U.S. and China, the U.S. Dollar Index (DXY) remains anchored near 3-year lows, while Gold continues its record-breaking rally, defying overbought signals.