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Spot Gold Mixed as Tariff Confusion Eases, Focus Shifts to Key US Data and Fed Outlook

Spot gold ended the week mixed after tariff confusion, with the Trump administration set to exempt gold bars from its 39% “reciprocal tariffs,” reversing a US Customs ruling.

Focus now turns to Wednesday’s US CPI (2.8% y/y forecast) and Friday’s retail sales (+0.5% expected), both of which are key for Fed policy signals.

Political pressure on Chair Powell is mounting, with Trump criticising his cautious stance and considering successors.

Fed Governor Bowman expects three cuts this year, and the August 21–23 Jackson Hole event could see the Fed formally back easing, with 25-bp cuts eyed for September, October, and December.

Following the retreat, the RSI has softened, the MACD is mixed, and the ADX points to range-bound conditions.

With profit-taking emerging near the broader $3,400 target, it’s time to reassess in case of a further slide toward $3,355–56.

Daily Chart Spot Gold

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