Gold News: XAUUSD Approaching $3,317.90 Moving Average and $3,310.48 Pivot Support

Gold Set for Weekly Loss as Technical Pressure Mounts

Gold prices slipped on Friday and are heading for their worst weekly performance in over a month. The yellow metal is showing strong downside momentum and looks set to retest the 50-day moving average at $3,317.90 and the technical pivot at $3,310.48.

A minor bounce could occur at first test, but failure to hold above the pivot risks triggering a sharp decline toward $3,228.38. Traders may now face a key decision point: accumulate at perceived value or wait for confirmation of renewed strength. So far, buying strength hasn’t paid off.

At 13:31 GMT, XAU/USD is trading $3358.24, down $12.14 or -0.36%.

Federal Reserve Pushback on Rate Cuts Weighs on Gold

The latest FOMC statement reinforced the Fed’s cautious stance, maintaining rates in the 4.25%–4.50% range. However, it also reduced the number of anticipated rate cuts this year, citing a challenging economic environment. Traders trimmed long positions in gold, silver, and platinum following the meeting, booking profits after weeks of anticipating a more dovish pivot. With gold thriving in low-rate conditions, any delay in easing dampens its appeal.

President Trump has continued to push for aggressive rate cuts, calling for a 2.5 percentage point reduction, but the Fed appears unmoved for now. The dollar index rose 0.5% this week, posting its largest weekly gain in over a month and putting additional pressure on gold by making it more expensive for foreign investors.

Middle East Tensions Ease Slightly but Remain a Wildcard

Safe-haven demand also eased slightly after markets interpreted recent White House comments as suggesting a cooling period in the Israel-Iran conflict. Trump has given himself a two-week window to decide on U.S. involvement. That temporary lull in geopolitical tension has reduced urgency for haven flows into gold. Nevertheless, the situation remains fluid, and any escalation could revive demand.

Bond Yields Edge Higher as Traders Reassess Risk

U.S. Treasury yields were little changed but edged higher, reflecting steady risk sentiment. The 10-year yield rose over 2 basis points to 4.421%, while the 30-year yield climbed to 4.924%. Rising yields tend to weigh on non-yielding assets like gold, further curbing upside momentum.

Gold Prices Forecast: Bearish Outlook as Technical and Macro Pressures Mount

Gold appears vulnerable to further downside with both technicals and external drivers aligning bearishly. The inability to hold the $3,310 pivot could open the door for deeper losses toward $3,228.

The absence of immediate Fed easing, coupled with a stronger dollar and reduced geopolitical urgency, adds to selling pressure. Unless tensions reheat or the Fed pivots unexpectedly, the near-term gold prices forecast points to further weakness.

More Information in our Economic Calendar.