XAU/USD Current price: $2,627.47
- Financial markets turned risk-averse amid comments from US President-elect Donald Trump.
- The United States will publish multiple first-tier figures on Wednesday ahead of the Thanksgiving holiday.
- XAU/USD consolidates below $2,630, and technical readings favor another leg south.
Spot Gold trades uneventfully on Tuesday, confined to a tight range just below $2,630 a troy ounce. The market sentiment soured at the beginning of the day following comments from United States (US) President-elect Donald Trump. Trump threatened to impose tariffs of up to 25% on all products entering from Canada and Mexico and an additional 10% tariff on goods from China in posts on his Truth Social site.
Demand for safe-haven assets remained subdued throughout the first half of the day despite the dismal mood, keeping XAU/USD ranging. Wall Street’s opening, however, brought a fresh bout of US Dollar buying.
US data was mixed. On the one hand, the CB Consumer Confidence Index rose in November to 111.7, slightly below the 111.8 expected, while improving from 109.6 in October. The Present Situation Index increased to 140.9, while the Expectations Index ticked up to 92.3, well above the threshold of 80 that usually signals a recession ahead. New Home Sales, however, fell 17.3% in October, while the November Richmond Fed Manufacturing Index printed at -14, matching the previous reading and worse than the -10 anticipated by market players.
Wednesday will be a pretty busy day, as US markets will be closed on Thursday amid the Thanksgiving Holiday. The country will publish the Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve (Fed) favorite inflation gauge, a revision of the Q3 Gross Domestic Product (GDP) and weekly employment figures, among other minor reports.
XAU/USD short-term technical outlook
The daily chart for the XAU/USD pair shows it hovers around its daily opening, with the risk still skewed to the downside. The pair posted a lower high and a lower low, while a bearish 20 Simple Moving Average (SMA) keeps heading south, providing dynamic resistance at around $2,662.00. Technical indicators, in the meantime, post uneven advances within negative levels, suggesting limited buying interest. Finally, a bullish 100 SMA keeps providing support at around $2,565.70.
In the near term, and according to the 4-hour chart, XAU/USD is bearish. The pair develops below all its moving averages, with the 20 and 100 SMAs gaining downward traction. Finally, technical indicators resumed their slides within negative levels, in line with another leg south.
Support levels: 2,611.35 2,598.70 2,587.20
Resistance levels: 2,640.40 2,655.00 2,671.55
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

AUD/USD: Extra gains look likely in the near term
AUD/USD added to Wednesday’s gains and broke above the key 0.6200 barrier following the pronounced retracement in the US Dollar amid widespread concerns over the impact of Trump’s tariffs on the global trade.

EUR/USD: There is a minor resistance at 1.1300
EUR/USD gathered renewed steam and advanced north of 1.1200 the figure to clinch new highs, always on the back of intense tariff woes and the marked sell-off in the Greenback.

Gold flirts with record peaks near $3,175, Dollar tumbles
Gold continued its record-setting rally on fresh tariff-related headlines, surging past the $3,170 mark per troy ounce after the White House confirmed new tariffs, sparking another round of US Dollar selling.

Bitcoin miners scurry to import mining equipment following Trump's China tariffs
Bitcoin (BTC) miners are reportedly scrambling to import mining equipment into the United States (US) following rising tariff tensions in the US-China trade war, according to a Blockspace report on Wednesday.

Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.