The FOMC\u2019s June meeting minutes are due to be released in tomorrow\u2019s American session. The FOMC\u2019s last meeting minutes may garner significant attention considering the comments made by the Fed Chair that the Fed would\u2019ve cut rates this year had there not been tariffs. As such the bank\u2019s accompanying statement may garner significant attention from market participants who may looking to seek further information as to how the bank may proceed with their monetary policy going forward. <\/p>\n\n\n\n
Moreover, given the resurgence of tariffs over the past few days, any hawkish<\/strong> comments<\/strong> such as the possibility of remaining on hold may be intensified and could aid the dollar whilst weighing on the precious metal\u2019s price. <\/p>\n\n\n\n However, should the minutes showcase a willingness by policymakers to resume on their rate cutting path, it may be perceived as dovish in nature which in turn could weigh on the dollar whilst aiding gold\u2019s price given their inverse relationship. In our view, we would not be surprised to see references being made to the ongoing uncertainty surrounding the US economy as a result of tariffs. <\/p>\n\n\n\n Moreover, the Government\u2019s fiscal policy may be implied as a possible reason for the bank to maintain its cautionary monetary policy approach.<\/p>\n\n\n\n Tariff season is back in full swing and could thus lead to heightened volatility. In particular, Trump\u2019s July 9th<\/sup> tariff implementation deadline appears to have been pushed back to the 1st<\/sup> of August which would provide leeway for nations which have yet to agree to new trade terms with the US. <\/p>\n\n\n\n The extensions appear to have calmed market worries about a possible repeat of the high volatility environment which emerged when the tariffs were first announced and thus the aforementioned extension may have weighed on gold\u2019s price. <\/p>\n\n\n\n However, with President Trump announced a possible 25% tariff on Japan and South Korea and his comments that \u201cAny country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy\u201d, could lead to market worries about the state of the global economy . <\/p>\n\n\n\n In particular, per Reuters China has warned the US administration today against reigniting trade tensions. Therefore, should the fragile trade truce which was struck between the US and China appear to be falling apart it may raise market worries about the state of the global economy, which in turn could aid gold\u2019s price.<\/p>\n\n\n\n XAU\/USD appears to be moving in a sideways fashion. We opt for a sideways bias for the precious metal\u2019s price and supporting our case is the RSI indicator below our chart which currently registers a figure near 50 implying a neutral market sentiment. For our sideways bias to be maintained we would require gold\u2019s price to remain confined between our 3240 (S1) support level and our 3385 (R1) resistance line. <\/p>\n\n\n\n On the other hand, for a bullish outlook we would require a clear break above our 3385 (R1) resistance line with the next possible target for the bulls being the 3500 (R2) resistance level. Lastly, for a bearish outlook we would require a clear break below the 3240 (S1) support line with the next possible target for the bears being the 3115 (S2) support level.<\/p>\n\n\n\n Disclaimer: In today\u2019s report we are to have a look…<\/p>\nTariff Bonanza returns<\/strong><\/h2>\n\n\n\n
Gold Technical Analysis<\/strong><\/h2>\n\n\n\n
XAUUSD 4H Chart<\/strong><\/strong><\/h3>\n\n\n\n
![\"EU\/USD](\"\/wp-content\/uploads\/2025\/07\/gold-weekly-8-7-2025.png\")
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