Gold price drops below $3,400, as US puts tariffs on Switzerland

Eliman Dambell Sayvio AI

The price of Gold moved back below the $3,400 level on Friday, as bulls began to react to key economic news.

After initially surging, Friday’s selloff comes as markets continued to react to the Trump tariffs coming into effect, with levies of 39% slapped onto Switzerland.

The U.S. Customs and Border Protection agency also announced that it will be placing tariffs on one-kilo gold bars, which will likely impact Switzerland, a major gold exporter to the United States.

Today’s news resulted in the 14-day relative strength index (RSI) failing to move beyond its resistance level of 56.43, falling to a current level of 55.81.

Despite the volatility, XAUUSD could still be set for a bull run, especially as the 10-day and 25-day moving averages prepare for an upward crossover.

Should this occur, we could see a rise in bullish momentum, with Gold moving above $3,451 and setting a new record high.

Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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