Gold Moves Closer to 3-Week High as US Dollar Weakens Slightly
The gold price (XAU/USD) is rising again and getting close to its highest level in the past three weeks. A small decline in the US dollar (USD) is helping gold move upward, as gold often gains when the dollar weakens.
Investors are also showing interest in gold because it acts as a safe-haven asset during uncertain times. Ongoing trade tensions, possible new US tariffs, and global economic concerns are making traders more cautious. This is increasing demand for gold.
At the same time, hopes for early Federal Reserve interest rate cuts have decreased. Strong US economic data in recent weeks has made the Fed more likely to wait before cutting rates. Now, traders are closely watching the upcoming US CPI (inflation) report, which could affect both the dollar and gold prices.
Key Levels to Watch:
Resistance near $3,365–$3,366. A move above this could push gold to $3,400 or even $3,435.
Support around $3,340–$3,341, with deeper support at $3,326. A drop below these may pull gold down to $3,300–$3,283.
Gold’s short-term movement will likely depend on the strength of the dollar and the US inflation data.
Impact :
If US inflation comes in lower, gold might rise further. But if inflation is higher, the dollar could strengthen again, possibly putting pressure on gold prices.