The price of gold expands the movement in range in the medium of mixed signals of fed fees; The fall seems limited

• The price of gold remains depressed during the Asian session, although it lacks bearish conviction.
• The moderate statements of the Governor of the Fed, Waller, weigh on the USD and could support the raw material.
• The reduction of the features of feats of the Fed should limit the losses of the USD and justify the caution for the bulls of the Xau/USD.

The price of gold (Xau/USD) struggles to capitalize on the rebound last night from the area of $ 3,309, or a minimum of one week, and oscillates in a narrow negotiation range during Friday’s Asian session. The US dollar (USD) moved away even more than its highest level since June 23, reached on Thursday after the moderate statements of the Governor of the Federal Reserve (Fed), Christopher Waller. Apart from this, concerns about the erratic commercial policies of US President Donald Trump and its impact on the global economy turn out to be key factors that act as a tail wind for the safety raw material.

Any significant depreciation of the USD, however, seems elusive amid the bets that the Fed will maintain the highest interest rates for longer, given the evidence that the increasing import taxes of the Trump administration are moving to consumer prices. This, together with the prevailing risk environment, slows the operators of making new bullish bets around the non -profitable yellow metal and justifies the caution before positioning themselves for any additional gain. However, the Xau/USD pair, at the current levels, is still on the way to register modest losses for the first time in three weeks.

What moves the market today: gold price bulls seem reluctant since the positive risk tone compensates for the modest USD weakness

• The governor of the Federal Reserve (FED), Christopher Waller, said in the last minute of Thursday that the growing risks for the economy favor the reduction of the policy rate. The Central Bank should cut its interest rate objective in July due to the evidence that the labor market is weakening, Waller added. This, in turn, exerts some downward pressure on the US dollar during Friday’s Asian session.
• Meanwhile, operators are valuing the possibility of a relief of the 50 basic points by the Fed this year. In addition, the growing concerns about the possible economic repercussions of the erratic commercial policies of US President Donald Trump could continue to act as a tail wind for the price of safe refuge gold. Trump recently announced a 50% tariff on copper imports to the USA.
• Adding to this, Trump notified the leaders of 25 countries over new tariff rates that will enter into force on August 1, and also plans to send letters to more than 150 countries notifying them that their tariff rates could be 10% or 15%. This should keep investors in alert and justify a certain caution before positioning themselves for any significant downward movement of the precious metal.
• In the Front of Economic Data, the US Department of Commerce reported Thursday that retail sales increased 0.6% in June, challenging market expectations and indicating a modest rebound in consumer spending. This marked a significant improvement after a 0.9% drop in May and a decrease of 0.1% in April, providing a ray of optimism for an economy that has been fighting.
• Adding to this, the initial applications of unemployment subsidy in the US fell for the fifth consecutive week, 221,000 during the week that ended on July 12, or the lowest level in three months. This suggests that the US labor market is still resistant despite the concerns about the inflationary effect of the highest US tariffs, reaffirming the bets that the Fed could delay the cuts of interest rates and favor the USD’s bundles.
• The governor of the Fed, Adriana Kugler, said that the still restrictive policy position is important to keep long -term inflation expectations anchored, and it will be appropriate to maintain the policy rate at the current level for some time. Separately, the president of the Fed of Atlanta, Raphael Bostic, said that economic perspectives remain highly uncertain and that rates cuts could be difficult in the short term.
• The Fed is expected to maintain its reference interest rate in the 4.25% -4.50% range at the next policy meeting at the end of this month. This, in turn, could act like a wind against the non -profitable yellow metal. The operators now expect the publication of the Michigan consumer’s feeling index and inflation expectations to take advantage of short -term opportunities.

The price of gold remains confined in a range of several weeks; The key obstacle of 3,365-3.366 $ is crucial for the upward

From a technical perspective, the recent price action within a range observed since the beginning of this month constitutes the formation of a graphic rectangle pattern and points to indecision among the operators. In addition, neutral oscillators in the daily chart justify a certain caution before positioning themselves for the next phase of a directional movement. Therefore, any additional fall could continue to find a good support before the round figure of $ 3,300. However, a convincing rupture below could make the price of gold vulnerable to accelerate the fall towards the minimum of July, around the area of 3,248-3.247 $.

On the contrary, any positive movement beyond the immediate obstacle of $ 3,352 could attract new buyers and remain limited near the region of 3,365-3.366 $, or the upper limit of the short-term negotiation range. A subsequent movement beyond the latter, however, could trigger a short coverage rally and allow the price of gold to recover the round figure of $ 3,400. The ascending trajectory could extend even more towards the proof of the next relevant obstacle near the area of 3,434-3.435 $.