Gold (XAUUSD) pulled back Thursday after surging to a new all-time high of $3,167.84, as traders booked profits following the metal’s parabolic run. While the initial move was driven by safe-haven demand in response to U.S. President Donald Trump’s sweeping new tariff plan, price action faded intraday—putting the rally’s momentum under the microscope.
Gold has risen 19% in 2025, supported by macro uncertainty, record central bank purchases, and steady ETF inflows. Thursday’s dip doesn’t erase that trend, but the potential for a short-term pause is now on the table.
At 11:02 GMT, XAUUSD is trading $3090.72, down $43.58 or -1.39%.
Trump’s proposal to slap a 10% tariff on nearly all imports rattled risk assets and triggered fresh fears of slower growth and higher input costs. Traders moved quickly into gold on the announcement, but the White House later clarified that essential commodities—including gold, copper, and energy—would be exempt. That limited concerns over supply chain disruption and helped ease some pressure in physical markets.
Still, analysts say the tariffs have reintroduced a major source of uncertainty. “Weaker trade, higher input costs, and shrinking margins are badly hurting the stock market, while geopolitical mistrust is deepening,” said Adrian Ash of BullionVault. “Such a gloomy outlook for economic growth offers the perfect backdrop for further gains in gold.”
Gold’s short-term range is defined by the $2,999.46 low and the $3,167.84 high. Initial downside focus is on the pivot at $3,083.65. A break below that exposes the 50% retracement of the intermediate move ($2,832.72 to $3,167.84) at $3,000.28.
If gold closes lower, a closing price reversal top would form—opening the door to a 2 to 3-day correction. Conversely, a clean breakout above $3,167.84 would resume the uptrend and likely trigger a run toward $3,200, in line with bullish forecasts from firms like ANZ.
Market conviction remains intact. “Picking a price top is difficult when you’re at all-time highs,” said independent analyst Ross Norman, “but it’s clear dips are being bought aggressively, and that confirms strong underlying sentiment.”
While a short-term pause is possible, the broader outlook remains bullish. With central banks accumulating gold and risk sentiment deteriorating, the $3,000–$3,050 zone is likely to attract fresh buying. A confirmed breakout through $3,167.84 would reassert upside momentum. Traders should remain biased to the long side, with tactical attention on support zones and confirmation levels.
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James Hyerczyk is a U.S. based seasoned technical analyst and educator with over 40 years of experience in market analysis and trading, specializing in chart patterns and price movement. He is the author of two books on technical analysis and has a background in both futures and stock markets.