Gold Prices Dip as Trump Delays Tariff Announcement, Still Bullish

Market Overview

China

Chinese yuan (CNY) rose to a 28-week high at 7.18/USD as the dollar weakened amid mounting concerns over U.S. fiscal prospects. Market sentiment was also boosted by renewed commitments to maintain U.S.–China dialogue.

Domestically, the PBoC injected 500 billion CNY into the financial system via the MLF tool, and cut the 1-year Loan Prime Rate (LPR) to 3.0%, and the 5-year LPR to 3.5%—both record lows. These measures aim to stimulate credit and support economic recovery amid continued pressure from trade and weak domestic demand.

Australia

AUD/USD climbed to a 25-week high at 0.65 as the U.S. dollar weakened broadly, fueled by “risk-on” sentiment following President Trump’s decision to delay tariffs on the EU. Technically, the uptrend remains intact as the pair holds above the key support zone at 0.6400.

On the monetary policy front, the RBA has just cut interest rates and delivered a dovish signal, with another 25bps rate cut expected in July to bring the rate toward a neutral level of 3.5%. The upcoming April CPI data is likely to be the lowest since October 2024, paving the way for further RBA easing.

Bitcoin(BTCUSD)

Fundamental Analysis

Bitcoin continued to set new highs above $111,600 before a slight pullback, and is now trading around $110,700. The upward momentum is supported by strong institutional inflows, accumulation from long-term whale holders, and technical momentum after breaking above a short-term descending trendline. In the short term, if BTC breaks above the $111,800 resistance, the next target zone is projected at $113,000 – $118,000.

On the macro side, Swedish company H100 has just raised $2.2 million to invest in Bitcoin, becoming the first publicly listed company in Sweden to adopt a Bitcoin treasury strategy. This development further reinforces the growing trend of Bitcoin as a global reserve asset.

Technical Analysis

Bitcoin (BTC) is currently in a short-term uptrend, having broken above the previous resistance zone around $109,356 and trading above key EMA levels.

The RSI is around 57.93, rebounding from the neutral 50 zone and not yet in overbought territory—indicating there is still room for further upside.

Volume is picking up again after a period of decline, supporting the breakout above $109K. It will be important to monitor volume around the $112K level to assess the strength of the buying side.

EURUSD

Fundamental Analysis

The euro has risen to its highest level since April 30, reaching $1.1382, after President Trump postponed his 50% tariff plan on the 
EU until July 9, easing trade concerns and boosting risk sentiment. This development led both USD and EUR to rebound against safe-haven currencies like the Japanese yen and Swiss franc.

However, caution remains in the market as Trump threatened a 25% tariff on iPhones manufactured outside the U.S. At the same time, a new tax-cut bill recently passed by the House could increase the U.S. budget deficit by nearly $4 trillion over the next decade.

Technical Analysis

EUR/USD has broken through the key resistance zone around 1.1350–1.1382 and is now trading near 1.1400. The price structure is forming higher highs and higher lows, confirming a bullish trend.

The RSI is currently at 60.92, not yet in overbought territory but approaching it. The upward trajectory of the RSI aligns with the ongoing price momentum.

Trading volume has been increasing during recent bullish sessions, confirming that the rally is supported by strong buying interest

Gold Spot(XAUUSD)

Fundamental Analysis

Gold prices fell below $3,340/oz in early-week trading after President Trump announced a delay in the planned 50% tariff on European goods, dampening safe-haven demand. The tariff, initially scheduled for June 1, has been postponed to July 9 to allow time for further negotiations.

However, trade risks remain elevated as Trump continues to threaten a 25% tariff on Apple if it does not shift 
manufacturing back to the U.S. Despite this short-term pullback, gold rose nearly 5% last week, supported by concerns over U.S. economic growth and its ballooning fiscal deficit.

Technical Analysis

Gold is maintaining a bullish structure, forming higher highs and higher lows after breaking through the key resistance at $3,311 and now approaching the $3,380 gap zone.Price remains above all three EMA levels, with the 34 EMA crossing above the 89 EMA—a medium-term bullish 
signal. The widening gap between EMAs further confirms strong upward momentum.

The rally from $3,125 to $3,345 was accompanied by a significant increase in volume, validating strong buying interest. However, volume is now beginning to decline as price nears the $3,380 gap zone, indicating potential short-term profit-taking or market caution ahead of resistance.

 

 

Disclaimer

Derivative investments involve significant risks that may result in the loss of your invested capital. You are advised to carefully read and study the legality of the company, products, and trading rules before deciding to invest your money. Be responsible and accountable in your trading.

RISK WARNING IN TRADING

Transactions via margin involve leverage mechanisms, have high risks, and may not be suitable for all investors. THERE IS NO GUARANTEE OF PROFIT on your investment, so be cautious of those who promise profits in trading. It's recommended not to use funds if you're not ready to incur losses. Before deciding to trade, make sure you understand the risks involved and also consider your experience.