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Spot Gold Reverses Bullish Course After Hitting $3,500, As US Dollar Bounces Back

Spot Gold reversed its bullish trajectory after reaching the $3,500 target (all-time high), as the US Dollar (DXY) bounced back from a three-year low of 97.70, trading near 99.00.

This rebound followed weeks of downward pressure and came after President Trump’s comments that tariffs on Chinese imports would “come down substantially, but not to zero,” mirroring Treasury Secretary Scott Bessent’s call for easing tensions.

The volatility continued with China’s 125% retaliatory tariffs against the US’s 145% rate, raising concerns over debt yields, slower growth, and inflation risks.

With a lighter economic calendar ahead, markets are set for choppy trading.

Technically, gold’s RSI remains bullish but shows signs of weakening, while the MACD continues to support the upward trend.

After hitting the $3,500 target, pullbacks could offer entry points for traders if safe-haven demand persists.

Daily Chart Spot Gold

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