{"id":26619,"date":"2025-07-17T10:45:43","date_gmt":"2025-07-17T10:45:43","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=26619"},"modified":"2025-07-17T10:45:43","modified_gmt":"2025-07-17T10:45:43","slug":"gold-retreats-after-powell-reprieve-calms-nerves","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-ca\/analysis\/gold-retreats-after-powell-reprieve-calms-nerves\/","title":{"rendered":"Gold Retreats After Powell Reprieve Calms Nerves"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"559\" src=\"https:\/\/www.vtmarkets.com\/en-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/gold7-1024x559.png\" alt=\"\" class=\"wp-image-16980\" \/><\/figure>\n\n\n\n<p><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Spot gold drops 0.5% to $3,330.21; futures fall to $3,335.70<\/li>\n\n\n\n<li>Dollar strengthens 0.3% after Trump backs away from Powell firing<\/li>\n\n\n\n<li>Gold remains range-bound, awaiting US jobless claims and Fed commentary<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p>Gold prices edged lower on Thursday after rebounding sharply the previous day, as concerns over the Federal Reserve\u2019s leadership were temporarily put to rest.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold prices slip as dollar firms, Trump eases Powell uncertainty <a href=\"https:\/\/t.co\/VlIa7dSmZZ\">https:\/\/t.co\/VlIa7dSmZZ<\/a> <a href=\"https:\/\/t.co\/VlIa7dSmZZ\">https:\/\/t.co\/VlIa7dSmZZ<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1945755398083850435?ref_src=twsrc%5Etfw\">July 17, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>US President Donald Trump quelled market jitters by stating that <a href=\"https:\/\/t.co\/L80wXeo10F\" target=\"_blank\" rel=\"noopener\" title=\"\">he currently has no plans to dismiss Fed Chair Jerome Powell<\/a>\u2014walking back from Wednesday\u2019s dramatic rumour mill that briefly sent bullion soaring as much as 1.6%.<\/p>\n\n\n\n<p>As of 08:27 GMT, <strong>spot gold slipped 0.5% to $3,330.21<\/strong> per ounce, while <strong>US gold futures fell 0.7% to $3,335.70<\/strong>. The precious metal lost steam as the dollar regained strength, with the <strong>USDX dollar index climbing 0.3%<\/strong>, making gold more expensive for non-dollar holders.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Dollar Strength, Not Dismissal Drama, Drives Pullback<\/h2>\n\n\n\n<p>The pullback appears to be largely technical, driven by a stronger greenback and profit-taking after Wednesday\u2019s knee-jerk spike.<\/p>\n\n\n\n<p>Market participants are now shifting focus to <a href=\"https:\/\/t.co\/vA1g7PRtTQ\" target=\"_blank\" rel=\"noopener\" title=\"\">Thursday\u2019s US jobless claims<\/a> and retail sales data, along with scheduled speeches from several Fed officials. These events may help clarify the central bank\u2019s policy direction and offer gold traders new cues, especially around rate expectations.<\/p>\n\n\n\n<p>Despite recent tariff developments, including Trump\u2019s comments about sticking closely to <a href=\"https:\/\/t.co\/aXVKl0Wgeu\" target=\"_blank\" rel=\"noopener\" title=\"\">US-Japan tariff agreements<\/a> and a possible upcoming deal with India, analysts say gold is currently showing muted response to trade noise.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis<\/h2>\n\n\n\n<p>Gold (XAUUSD) has been experiencing a downtrend after an initial spike to a high of 3377.54, which failed to hold, leading to a sharp retracement back towards the 3327.58 area.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-ca\/wp-content\/uploads\/sites\/13\/2026\/03\/image-17.jpg\" alt=\"\" class=\"wp-image-26620\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Gold consolidates under resistance\u2014watch 3325 for key direction, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" target=\"_blank\" rel=\"noopener\" title=\"\">VT Markets app<\/a><\/em><\/p>\n\n\n\n<p>The price is now trading below all three short-term moving averages (5, 10, 30), a bearish signal that confirms the downward pressure. The MACD is showing a bearish crossover, suggesting that the momentum is waning for the bulls, and the histogram indicates that selling volume is dominating the market.<\/p>\n\n\n\n<p>The key level to watch is the support at 3325.20, where the price has recently tested and held. If this support breaks, the next target will be the psychological level around 3300.<\/p>\n\n\n\n<p>On the other hand, if the price manages to recover and break back above 3377.54, it could lead to a reversal toward 3400\u20133450. Traders should be cautious of further downside if support holds below the 3325.20 level.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Gold Remains Range-Bound for Now<\/h2>\n\n\n\n<p>For the time being, gold appears to be locked in a <strong>$3,300\u2013$3,400 consolidation range<\/strong>, with no firm catalyst to drive a breakout. The latest price action reflects a market in wait-and-see mode: watching macro headlines, economic prints, and Fed remarks more than reacting to short-term political drama.<\/p>\n\n\n\n<p>Unless we see a meaningful downside break below <strong>$3,318<\/strong>, or a resurgence above <strong>$3,375<\/strong>, gold is likely to remain subdued. But with global monetary policy still in flux, that could change quickly.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Create your live VT Markets account<\/a> and <a href=\"https:\/\/myaccount.vtmarkets.com\/login?_gl=1*5vyjdn*_gcl_au*Njc1MzM0NjY0LjE3NTEzNTM4MTc.*_ga*MjA5ODA0NDIzNC4xNzI3OTE1ODQ1*_ga_J26NL1ZVX7*czE3NTE4NzkxMDYkbzMwOCRnMSR0MTc1MTg3OTExOCRqNDgkbDAkaDA.*_ga_6XQ8153GYW*czE3NTE4NzkxMDgkbzU3JGcxJHQxNzUxODc5MTE4JGo1MCRsMCRoMA..*_ga_BG6LYEHPX1*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMTgkajUwJGwwJGgw*_ga_J8BRGZSREX*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_7CG6454YR5*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_69Z54R4H9N*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_CY2VCKFC3C*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjIkajQ2JGwwJGgw*_ga_TXZ07R2C21*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_17TMGY9BBE*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_MWDVVSEVL5*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_2QCC3S2748*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjUkajQzJGwwJGgw*_ga_E7D2PCX624*czE3NTE4NzkxMjYkbzUkZzAkdDE3NTE4NzkxMjYkajYwJGwwJGgw*_ga_XJ4037XKK6*czE3NTE4NzkxMjYkbzUkZzAkdDE3NTE4NzkxMjYkajYwJGwwJGgw*_ga_EJCVQDC7VT*czE3NTE4NzkxMDgkbzUkZzEkdDE3NTE4NzkxMjYkajQyJGwwJGgw\" target=\"_blank\" rel=\"noopener\" title=\"\">start trading<\/a> now.<\/strong><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold retreats as the US dollar strengthens and fears over Powell&#8217;s dismissal fade. Market eyes fresh Fed signals and economic data. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":64,"featured_media":16980,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[6],"class_list":["post-26619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-gold"],"acf":{"acf_article_selection_author":""},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/26619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/users\/64"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/comments?post=26619"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/posts\/26619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media\/16980"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/media?parent=26619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/categories?post=26619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-ca\/wp-json\/wp\/v2\/tags?post=26619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}