Gold Price Holds Rebound but Remains Under $3,300 Ahead of US Data

Resistance: $3,300 and $3,335
Support: $3,260 (recent low) and $3,215

Gold price (XAU/USD) continues to face selling pressure for the fourth consecutive session on Thursday, trading below the psychological $3,300 level. Despite a modest intraday rebound, the precious metal remains vulnerable amid changing market sentiment and macroeconomic developments.

Risk-On Mood Weighs on Gold

The market is reacting positively to the US federal court's decision to block former President Donald Trump’s ‘Liberation Day’ tariffs, triggering stronger risk appetite across global markets. This shift in sentiment has dampened demand for safe-haven assets like Gold.

FOMC Minutes and USD Movement

Additionally, hawkish Federal Open Market Committee (FOMC) Minutes released Wednesday have added pressure on Gold, signaling the Fed’s cautious approach to any imminent rate cuts. However, a slight pullback in the US Dollar (USD) is cushioning further losses in XAU/USD.

As of early Thursday in Europe, Gold is still hovering below $3,300, after bouncing modestly from its lowest levels in over a week.

What’s Supporting Gold?

Concerns over the US fiscal outlook
Ongoing geopolitical tensions
Traders still pricing in possible Fed rate cuts in 2025

These factors continue to limit downside risk for Gold and may support price consolidation unless upcoming US GDP and inflation data shift the outlook.