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Spot Gold Hits $3,400 Target as Tariff Tensions Deepen and Powell Speech Looms

The yellow precious metal rose Monday as the US dollar slipped from 98.20 to 97.50, supported by safe-haven demand amid growing tariff tensions.

Spot gold gained after reports that the EU is preparing retaliatory measures against President Trump’s proposed 15% tariff, adding uncertainty ahead of the August 1 deadline.

The US dollar weakened further as Trump renewed pressure on Fed Chair Powell to cut rates, even citing the cost of Fed renovations.

Markets now turn to Powell’s Tuesday speech for monetary policy clues amid mixed economic signals and political pressure.

Technically, the Relative Strength Index (RSI) exhibits a positive bias, although it is approaching overbought levels.

The MACD signals a weak bullish tone, while the Average Directional Index (ADX) suggests a range-bound market but is beginning to trend higher.

Following Monday’s breakout above the $3,350–53 zone, the initial upside target at $3,400 has been met.

It’s now time to reassess for signs of continuation or potential reversal.

A strengthening ADX could support a further bull run, with the broader target set at the all-time high near $3,500.

Daily Chart Spot Gold

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