XAU/USD Current price: $2,840.28
- Relief headlines related to US President Trump's tariffs helped to lift the mood.
- The JOLTS Job Openings report stood at 7.6 million in December.
- XAU/USD is overbought, but the record rally is far from over.
Spot Gold keeps reaching all-time highs on a daily basis, with XAU/USD hitting $2,845.54 on Tuesday and trading nearby in the mid-American session. The risk-averse environment triggered by United States (US) President Donald Trump’s tariffs fueled demand for the bright metal. Relief headlines on that front, however, put mild pressure on the US Dollar (USD) ahead of the American session opening, further pushing XAU/USD north.
After pushing tariffs on China, Mexico and Canada over the weekend, US President Trump postponed applying levies for 30 days to both neighbouring countries after the respective governments committed to increasing their border security with the US. Meanwhile, China announced retaliatory tariffs, although those won’t come into effect in the upcoming days, which means China and the US may strike a deal before trade tensions escalate.
Financial markets are clearly in a better mood, with most global indexes posting gains. Wall Street stands in the green, with the Nasdaq Composite leading the way up.
Additionally, the US published the December Job Openings and Labour Turnover Survey (JOLTS), which showed that the number of job openings on the last day of December stood at 7.6 million, down from the 8.09 million posted in November and below the 8 million anticipated. The news put additional pressure on the USD ahead of the release of the Nonfarm Payrolls (NFP) report on Friday. The US is expected to have added 170K new jobs in January, down from the 256K gained in December. The figure, despite softer, still hints at a strong labor market. Additionally, the Unemployment Rate is expected to remain steady at 4.1%.
XAU/USD short-term technical outlook
XAU/USD pressures the upper end of the ascendant channel, coming from the January 6 low at $2,614.44, indicating the bullish run may continue in the upcoming days. The pair is overbought according to technical readings in the daily chart, although the Momentum indicator has turned flat. At the same time, Gold develops far above all its moving averages, with the 20 Simple Moving Average (SMA) accelerating north far above the longer ones, currently at around $2,735.90.
Gold is set to keep rallying in the near term. The 4-hour shows approaches to a bullish 20 SMA attract buyers and result in higher highs, suggesting buyers are willing to add on dips. The 100 and 200 SMAs gain upward traction below the shorter one, also in line with the dominant upward strength. Finally, technical indicators aim north, with the Relative Strength Index (RSI) indicator entering overbought territory.
Support levels: 2,828.90 2,812.60 2,800.00
Resistance levels: 2,845.60 2,860.00 2,875.00
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

EUR/USD declines toward 1.0450 on USD recovery
EUR/USD struggles to gain traction and declines toward 1.0450 on Tuesday despite the upbeat ZEW Survey - Economic Sentiment data for Germany and the Eurozone. Rising US Treasury bond yields support the US Dollar and weigh on the pair.

GBP/USD struggles to hold above1.2600
GBP/USD stays under modest bearish pressure and trades below 1.2600 on Tuesday. Earlier in the day, the pair edged higher with the initial reaction to the UK labor market data, which showed that the Unemployment Rate held steady at 4.4% in the three months to December.

Gold gathers bullish momentum, rises to $2,920 area
Gold builds on Monday's modest gains and rises to the $2,920 area on Tuesday. Markets brace for headlines to come in from Saudi Arabia, where US and Russian officials are meeting for peace talks. Meanwhile, rising US T-bond yields could limit XAU/USD's upside.

Why Solana, XRP, Dogecoin and BNB are crashing?
Solana (SOL), XRP, Dogecoin (DOGE) and Binance Coin (BNB) decline on Tuesday. Top altcoins ranked by market capitalization are in a downward trend, even though Bitcoin (BTC) continues to consolidate around the $95,000 level.

Rates down under
Today all Australian eyes were on the Reserve Bank of Australia, and rates were cut as expected. RBA Michele Bullock said higher interest rates had been working as expected, slowing economic activity and curbing inflation, but warned that Tuesday’s first rate cut since 2020 was not the start of a series of reductions.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.